BFI Records New Financing Reaches IDR 14.5 Trillion

JAKARTA - As of September 2023, PT BFI Finance Indonesia Tbk (BFI Finance) recorded a number of positive performance achievements. BFI Finance Finance Director Sudjono reported that the new financing value reached IDR 14.5 trillion, an increase of 5.3 percent compared to the same period in 2022 (yoy) and 4.3 percent increased from the previous quarter.

"The majority of the new financing value of 58.3 percent comes from the refinancing of four-wheeled vehicles which are indeed the core business of the Company," he said in a written statement, Wednesday, October 25.

He continued, this value growth contributed to an increase in the total value of net financing from IDR 17.5 trillion to IDR 20.5 trillion, an increase of 16.9 percent yoy, which overall contributed to an increase in asset value from IDR 20.0 trillion to IDR 24.2 trillion, an increase of 20.8 percent compared to the previous year.

Meanwhile, liquidity conditions and retability are observed to be at a safe level.

Sudjono said the ratio of non-performing financing (NPF) was below the industry average as in the previous trend. The Company's gross NPF as of September 2023 was recorded at 2.02 percent while the net NPF was at the level of 0.36 percent.

"We are quite agile in dealing with the dynamics of the development of external conditions and also of course internal companies. With operational disruption at the end of the first semester yesterday, we tightened the distribution of new and well-behaved financing in all lines, for example maintaining the quality of financing to reach the optimal level and improve digital security infrastructure," explained Sudjono.

As of the third quarter, the net gearing ratio of BFI Finance was recorded at 1.2 times, far below the maximum limit set by regulators for finance companies, which is 10 times. The percentage of Return on Asset (RoA) and Return on Equity (RoE) was monitored at the level of 8.0 percent and 17.1 percent, respectively.

Of all this, the Company managed to record a total revenue of IDR 4.8 trillion, an increase of 23.9 percent YoY with a profit after tax reported at IDR 1.2 trillion, slightly decreased compared to the same period in the previous year of IDR 1.3 trillion.

The product portfolio is still dominated by financing with the collateral of four-wheeled and two-wheeled vehicles of 65.1 percent.

Then in a row, it was followed by financing with a guarantee of invoices for heavy equipment and machinery of 14.3 percent, guarantees for house/ruko certificates (property-backed financing) of 4.2 percent, financing for the purchase of units of used four-wheeled vehicles and new with a financing composition of 12.8 percent and financing based on Islamic contract and others which occupies a portion of 3.6 percent.