JAKARTA - Confident with its credit growth, PT Bank Neo Commerce Tbk (BBYB) sets up target of credit disbursement growth by 20%-25% in 2024. The management also further expressed their optimism about its business turnaround next year.

According to Annual Public Expose of Bank Neo Commerce 2023 held today (19/12), until September 2023, BBYB's gross loans were reported at nearly IDR 11 trillion. It had already far exceeded full-year credit disbursed in 2022 of IDR 10.24 trillion.

"For 2024, we aim for 20%-25% credit growth, supported by diversification of our loan book," Aditya Wahyu Windarwo, Acting President Director of BBYB, stated to the public. "Hopefully, third party funds and CASA will follow."

Windarwo said that BBYB will try to branch out its loan segment to commercial and SMEs. This is also said to be a strategy to manage its NPL rate, as both segments offer more stability in debt collectability compared to retail or consumptive credit.

Until Q3 2023, BBYB recorded NPL of 3.8%. "It is indeed slightly higher than our peers or competitors," Windarwo added. "However, it has been more stable for the past 5-6 months. Thus, now, we can maximise out revenue potential."

Furthermore, confronted with its consecutive losses within the past year, Windarwo remains optimistic. "In October and November, we had generated profit. In December, we wish that optimum efficiency may bring us the same result."

The management is positive that Q1 2024 will mark BBYB's business turnaround to full year profitability throughout 2024. "2024 is the year when we believe that after three years of transformation, we can score improved financial condition," Windarwo concluded. (ZH)