Banking - BI Weighted Net Balance (WNB) survey drop in Oct23

Banking - BI Weighted Net Balance (WNB) survey drop in Oct23 Bank Indonesia reported that new credit distribution by banks in October 2023 decreased compared to the previous month. This is indicated by the Weighted Net Balance (WNB) of new credit distribution in October 2023 of 82.1 percent, lower than the previous month's WBT of 92.6 percent. According to BI, the main factors influencing new credit distribution include requests for financing from customers, the level of business competition from other banks, as well as prospects for future monetary and economic conditions. Comment: Post better growth from the previous month, we think a drop Oct23 monthly figure seems acceptable. We also believe in cumulative basis, Oct23-Nov23 WNB and actual credit growth likely to play important role to support the overall growth to reach BI target this year.