Total Financing Industry Assets Are Estimated To Grow Up To 16 Percent

JAKARTA - The Financial Services Authority (OJK) is optimistic that the performance of the financing industry will experience asset growth of up to 16 percent in 2024.

Chief Executive of the Supervision of Financing Institutions, Ventura Capital Companies, Micro Financial Institutions, and Other Financial Services Institutions, OJK Agusman said that in November 2023, total financing industry assets of IDR 545.23 trillion experienced growth of 14.00 percent on an annual basis.

Then in December 2023, total assets of the financing industry are projected to achieve growth in the range of 14.50 percent to 15.00 percent (YoY).

"This is in accordance with the business plan for the 2023 Financing Company industry," he explained in a written statement from the OJK, Friday, January 12, 2024.

Agusman added that the performance of the financing industry is expected to continue to experience asset growth of up to 16 percent in December 2024.

"Based on the 2024 business plan, the performance of the financing industry is expected to continue to increase and experience asset growth in the range of 13.00 percent to 16.00 percent (YoY) in December 2024," he explained.

In addition, OJK projects that the total assets of the financing industry in the first quarter of 2024 will experience growth in the range of 10 percent to 11 percent on an annual basis (YoY).

Agusman explained, based on data from November 2023, the distribution of financing recorded an increase in almost all economic sectors.

Meanwhile, the largest financing growth occurred in the wholesale and retail trade sector, repair of car and motorcycle maintenance, which was followed by the mining and quarrying sector.

"Good performance from these sectors during 2023 is projected to still dominate growth in 2024," he said.