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Strength
Despite sharia financing portfolio runoff, ARTO still managed to book loan growth of 54.6% YoY in Aug-24 vs. 47.0% in Jul-24, while keeping its CoC at low level of 167bps in 8M24 vs. 170bps in 7M24
Opportunity
Ample room to grow in 2H24 and beyond thanks to its joint products with GOTO (Gopay Tabungan Syariah); at the moment, only ~20% of total lending comes from GoTo’s ecosystem
Weakness
Loan yield fell -11bps MoM to 9.1%, primarily due to changes in ARTO’s portfolio mix, which led to lower NIM in 8M24 of 7.0%, from 7.1% in 7M24
Threat
The bank’s NPL (0.4% in 2Q24) may rise further as ARTO maintains its aggressive lending disbursement strategy; this may lead to more downgrades in TPs causing unexciting share price performance
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