CIMB Niaga Finance Records 11.4 Percent Business Growth In 2024
JAKARTA - PT CIMB Niaga Auto Finance (CIMB Niaga Finance or Perseroan) recorded positive performance growth in 2024. The total distribution of new financing in 2024 grew 11.4 percent when compared to 2023, from Rp8.94 trillion to Rp9.96 trillion.
CIMB Niaga Finance President Director Ristiawan Suherman said CIMB Niaga Finance targets the total distribution of new financing in 2024 to be IDR 9 trillion, where the achievement of growth has exceeded the annual target of 110.7 percent.
In addition, CIMB Niaga Finance's total assets until December 2024 reached IDR 10.53 trillion (unaudited) or grew 34 percent when compared to the same period in 2023, which was IDR 7.45 trillion (audited). In line with total asset growth, CIMB Niaga Finance also recorded profit before tax (PBT) growth which increased by IDR 583 billion (unaudited) or an increase of 12 percent from 2023, namely IDR 520 billion (audited).
On the other hand, CIMB Niaga Finance was also able to control the Non Performing Financing (NPF) ratio at 1.03 percent in December 2024 which was still better than the average financing industry trend which was at the level of 2.62 percent in September 2024.
Throughout 2024, CIMB Niaga Finance has focused on developing information technology and digitalization initiatives by increasing capacity and capability in terms of security and information technology infrastructure. Various digital systems have been implemented, including work process automation, development of digital platforms to support work productivity such as CNAF Mobile App which is an application to accelerate customers in credit applications.
On the other hand, to increase business acquisition, CIMB Niaga Finance is developing an application in the form of SCMS (Sales Control & Management System) which can monitor all sales activities from end-to-end and also CNAF Partner Mobile as a platform that connects partners (dealers and showrooms) with CIMB Niaga Finance to accelerate transaction processes and improve customer experience.
In an effort to maintain the health of the company's portfolio, CIMB Niaga Finance already has a digital application in the form of CIMOL (Colluction Mobile Application) which helps make it easier for the collection team to manage the quality of the portfolio, one of which is to make a payment call reminder using robots enriched with artificial intelligence so as to provide a pleasant transaction experience for customers. Not only that, there is also the development of the PDS (Preditive Dialer System) system which can further increase productivity of call and desk collection activity.
Also, CIMB Niaga Finance in 2024 won the ISO/IEC 27001 Certificate which is an international standard in ensuring information security in line with the Company's focus on prioritizing digitalization.
CIMB Niaga Finance always upholds the principle of integrity, for this reason as a form of commitment, the company has a reporting media on indications of fraud or fraud, deviations in procedures and violations of the code of ethics that occur in the work environment managed by the Anti-Fraud Work Unit and a form of reporting that can be submitted via email to cnaflapor.tindak@cnaf.co.id.
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Not only focusing on digitalization, CIMB Niaga Finance will also diversify its products in 2024, namely launching a new product, namely fixed asset refinancing, where customers can guarantee assets owned such as houses, shop houses or apartments. Also, in order to increase revenue, CIMB Niaga Finance synergizes with its parent company PT Bank CIMB Niaga Tbk to cross-section in the company's product offerings. One of the initiatives from this synergy is to establish strategic partnerships with Bank Percredit Rakyat (BPR) and Regional Development Banks (BPD).
In an effort to realize sustainability finance, CIMB Niaga Finance provides an environmentally friendly vehicle financing program. In 2024, financing from this segmentation was recorded at IDR 740 billion or grew 120 percent from the previous year, which was IDR 337 billion.
This growth is because the market potential for environmentally friendly vehicles is very wide open. Another initiative carried out by CIMB Niaga Finance in 2024 is to provide a charging station at the Company's Head Office in Bintaro, South Tangerang. This initiative is a form of the Company's commitment to support the government's efforts in accelerating infrastructure for environmentally friendly vehicles.