JAKARTA – Despite the report of 100% growth in revenue, PT Bank Neo Commerce Tbk (BBYB) still failed to score net profit at the end of December 2023 and must be satisfied with a loss of IDR 573 billion.

However, BBYB’s net loss was indeed improving compared to the loss reported in 2022 of IDR 789.06 billion, increasing 27.36% year-on-year (yoy).

This achievement was supported by its net interest income in December 2023 that was doubled, compared to the revenue in 2022. In 2023, BBYB managed to score net interest income of IDR 2.9 trillion, or 100.36% yoy higher than IDR 1.45 trillion in 2022.

In fact, BBYB’s credit growth only reached a shy of 5.26% yoy at the end of December 2023 to IDR 10.78 trillion from IDR 10.24 trillion seen in 2022.

In 2023, consumption credit still dominated BBYB’s loans, with total credit of IDR 8.81 trillion, growing from IDR 8.2 trillion in 2022. Then, working capital credit followed behind with total credit of IDR 1.73 trillion, down from IDR 1.96 trillion.

Thankfully, BBYB’s credit quality seemed to improve at the end of last year. Although NPL gross jumped to 3.73% from 2.56%, NPL net significantly shrank from 2.05% to 0.95%.

As informed before in IDNFinancials, Bank Neo Commerce is optimistic about booking profit in 2024 through rapid credit growth.

"For 2024, we aim for 20%-25% credit growth, supported by diversification of our loan book," said Aditya Wahyu Windarwo, Acting President Director of BBYB, during Public Expose last December. (ZH)