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OCBC NISP projects higher loan growth but remains in single digits
As of September, OCBC NSB distributed loans of up to Rp 116.83 trillion, a 1.91 percent increase from the same period last year.
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Institute for Development of Economics and Finance economist Bhima Yudhistira (third left), OCBC NISP president director Parwati Surjaudaja (center), and men's fashion apparel Men's Republic founder Yasa Singgih (right) address the media during OCBC's Coffee Morning Talk in South Jakarta on Friday. (The Jakarta Post/Robert Yota)
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rivate lender OCBC NISP has set a single-digit lending growth target for next year as uncertainty in the global economy is likely to continue to affect business activities in the country.
OCBC NISP president director Parwati Surjaudaja said in South Jakarta on Friday that loan growth would be between 7.5 percent and 9 percent next year but it would be higher than this year.
"We expect our loans to small to medium enterprises [SMEs] to reach double-digit growth, while loan growth for corporations is expected to stagnate at a single-digit figure," Parwati said.
As of September, the OCBC distributed Rp 116.83 trillion in loans, a 1.91 percent increase from the same period last year.
Furthermore, Parwati also informed that of the total loans, 57 percent were distributed to SMEs, 32 percent to corporations and the remaining 11 percent for spending.
She also mentioned that loans for working capital remained the most popular type of credit that companies applied for in 2019, followed by investment loans.
National bank loans grew 6.53 percent year-on-year (yoy) in October, the slowest pace since 2016, according to the Financial Services Authority (OJK).
