Consumer finance company Home Credit is looking at a double-digit growth in 2024 over last year’s record sales of P60 billion, while aiming to increase customer base to over 11 million from 10 million in 2023.
Home Credit chief sales officer Puneet Suneja said the company would continue to expand its reach especially in the provinces.
“We make sure that every Filipino has access to our services. This year, we are focused on delivering double-digit growth,” said Saneja during Home Credit’s 10th anniversary briefing at the Shangri-La The Fort in Bonifacio Global City, Taguig.
Half of the P60 billion came from sales of mobiles phones, with iPhone units accounting for P6 billion or 20 percent of total mobile phone sales in 2023.
Home Credit said with almost 200,000 units sold last year, iPhone emerged as the company’s highest-selling and most popular brand in 2023.
Home Credit said that over the last 10 years, it sold 12.5 million mobile phones, 1.2 million televisions sets, 9,000 computers and 500,000 air-conditioning units.
Starting with only four products in 2013, Home Credit’s suite of products has grown to over 80 commodities. Merchant partners also increased to 15,000 from only 47 from 10 years ago.
Starting June 2024, Home Credit will offer consumer financing for motorcycles, one of the big-ticket products the company is adding to its product list.
Home Credit said it disbursed loans to 10 million customers in 2023. Total loan disbursement in the last 10 years amounted to P320 billion.
It said that compared to 2023, when non-performing loans (NPLs) were at 20 percent, it managed to keep the NPL level within target at less than 20 percent this year.
Home Credit has presence in 79 of 81 provinces in the country and 137 key cities nationwide. The company supports 14,000 employees all over the Philippines.
