- Automotive: LCGC sales under pressure
Based on data from Gaikindo, LCGC wholesale sales fell 13.3% yoy to 104,452 units in 7M24. At the same time, LCGC retail sales were also corrected by 9% yoy to 105,652 units. However, it remains one of the main pillars of Indonesia’s automotive industry, contributing 22% and 20.8% of the national car wholesale and retail sales, respectively. (Kontan) - Banking: Credit distribution grew 11.6% yoy in July 2024
Bank Indonesia (BI) reported that banking credit distribution in July 2024 remained strong, growing by 11.6% yoy to IDR 7,430.5T. It was mainly driven by growth in credit distribution to corporate debtors by 16.8% yoy and individuals by 5.9% yoy. Based on the type of use, growth in credit distribution is influenced by developments in working capital credit (+10.8% yoy), investment credit (+14% yoy), and consumption credit (+10.6% yoy). (CNBC Indonesia) - BBCA credit distribution grew 20% in 1H24
Bank Central Asia (BBCA) recorded a credit distribution of IDR 850T in 1H24 (+20% yoy). Corporate credit was the highest growing segment at 19.9% yoy to IDR 388.6T, followed by commercial credit at 7.9% yoy to IDR 127.8T and SME credit at 12.7% yoy to reach IDR 114.4T. Consumer credit portfolio also increased 13.6% yoy to IDR 210.2T, driven by mortgages that grew 10.8 yoy to IDR 126.9T, motor vehicle credit at 18.4% yoy to IDR 62.1T, and other consumer loans (mostly credit cards) at 20.2%yoy to IDR 17.8T. (Kontan)