Gunawan, Director of Indomobil Finance, said that the company's finance portfolio grew more than 40 percent to Rp 2.2 trillion as of August 2011 year-on-year (YOY) due to the economic condition.
In 2008, its finance portfolio did not improve due to the economic crisis. It began to improve in the period of 2009-2011.
The company’s diversification prompted the finance portfolio increase. Around 50 percent or Rp 1.1 trillion of its portfolio was to cars, with the remaining to commercial cars and heavy equipment. He estimates that the heavy equipment finance portfolio can contribute 25 percent if the country’s economic condition continues to be as good as this year’s economy.
By year-end, the company targets a Rp 3 trillion finance portfolio. It will not revise its target because the company is still monitoring the economic development in Europe and the US.
The company relied on bank loans to fund its portfolio. It will obtain bank loans amounting to Rp 1 trillion from four to five banks for next year’s finance portfolio.
Second-Hand Cars
First Finance saw a 30 percent finance portfolio growth to Rp 780 billion YOY due to economic growth, said Herman Suwinta, Director of First Finance.
Around 90 percent of its total portfolio or Rp 702 billion was to used cars due to the higher interest rate. The interest rate for new car financing was 13-16 percent, while second-hand car financing reached 18-20 percent.
By year-end, the company targets a Rp 1.3 trillion finance portfolio. To reach this, the company will open three new branches in Java and in Kalimantan.
Herman said that the company still has a remaining credit ceiling of Rp 500 billion from banks. The company is also approaching PT Bank Negara Indonesia Tbk (BBNI) and PT Bank Mandiri Tbk (BMRI) for a Rp 100 billion loan for its portfolio.
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