JAKARTA - PT Allo Bank Indonesia Tbk (BBHI), or Allobank, plans to boost its credit distribution rate by 12% year-on-year (yoy) in 2024 to IDR 8.5 trillion. At the end of this year, this rising digital bank also projects 50%-60% year-on-year (yoy) income surge.

Until the end of September 2023, Allobank had reportedly channelled credits worth IDR 7.3 trillion. "The main portion is digital loans," Indra Utoyo, President Director of Allobank, added during Annual Public Expose 2023 of Allobank held virtually today (15/12).

In other words, Allobank aims to score disbursed credits of up to IDR 7.6 trillion by the end of this year. "We are quite prudent with credit growth," added Ganda Rusli, Director of Allobank, "we must be cautious. If we could not learn our segment properly, it may cause problems in the future."

From the IDR 8.5 trillion of credits projected next year, Allobank is aiming to allocate IDR 7.6 trillion to wholesale segment, while retail will receive IDR 800 billion to IDR 1 trillion.

Allobank has gradually entered MSME and wholesale segment for its credit disbursement. "In order to maximise our balance sheet, we try to assist in funding micro businesses, such as partners of Bukalapak," Utoyo continued.

Furthermore, Allobank also plans to increase revenue by 50%-60% yoy at the end of 2023 to approximately IDR 1.2 trillion from IDR 767.67 billion seen in December 2022.

This means Allobank is only short IDR 223 billion of its target, as the company managed to score interest income of IDR 976.65 billion at the end of Q3 2023.

According to Utoyo, in the future, Allobank will continue to expand its products and services to cater to ecosystems close to daily activities, such as commuting, F&B, e-commerce, including investment, which is planned to be released in 2024 in the form of Customer Fund Account (lit. Rekening Dana Nasabah/RDN). (ZH)