Revenue Increases 18 Percent, BFI Finance Earns Net Profit Of IDR 1.6 Trillion In 2023

Rupiah (Photo: Antara)

JAKARTA - PT BFI Finance Indonesia Tbk (BFIN) posted revenues of IDR 6.4 trillion or grew 18.0 percent year on year (yoy) during 2023. BFI also recorded a net profit of IDR 1.6 trillion.

BFIN's new financing is worth IDR 19.1 trillion in 2023, down 5 percent (yoy) compared to 2022, as the company stops operating systems to improve digital security, as soon as cyberattacks come to the end of the first semester of 2023.

"In the fourth quarter of 2023, the entire recovery process was completed and returned to focus on improving performance, and again posted new financing which grew 11.3 percent quarter on quarter (qoq) compared to the previous quarter," said BFI Finance Finance Finance Director Sudjono as stated in Jakarta, Monday.

On the credit risk side, the ratio of non-performing financing (NPF) was reduced to a gross level of 1.36 percent and a net level of 0.15 percent as of December 31, 2023, or lower than industries with an average gross level of 2.44 percent.

"We focus on the right consumer target, effective financing process by adjusting it to the risk appetite and policy, as well as a balanced collection capacity (collection) position," said Sudjono.

Then, the Average Returns on Assets (RoAA) and Average Returns on Equity (RoAE) each occupy 8.4 percent and 17.7 percent as of December 2023, or higher than the average industry at the level of 5.6 percent and 15.0 percent.

"With all the dynamics that occur in 2023, we are committed to continuing to grow healthily," said Sudjono.

Based on managed financing receivables, the company's business is dominated by four-wheeled and two-wheeled vehicle financing (62.7 percent), heavy equipment and machinery financing (14.9 percent), financing for the purchase of units of used and new four-wheeled vehicles (14.0 percent), financing for property certificates (4.4 percent). ), as well as sharia-based financing (4.0 percent).

In addition to bank loans, the company received funding from the debt securities market in the form of Rupiah Bonds, which had issued new bonds three times during 2023, namely Shelf-Registered Bonds V BFIN Phase III, IV, and V Year 2023, with a total acquisition value of IDR 3.8 trillion.

Last year, the company also penetrated the electric vehicle or electric vehicle (EV)-based two-wheeled vehicle financing sector in the second semester of 2023 and collaborated with five brands of local electric two-wheeled vehicles in the Jabodetabek area.

BFIN has taken innovative steps since 2020 by perfecting our workings and operational models. This step is part of the Company's long-term strategy to increase business competitiveness and growth," said Sudjono.

The company recorded a new asset value of IDR 24.0 trillion in 2023, or an increase of 9.4 percent (yoy) compared to IDR 21.9 trillion in 2022.

The amount of the company's asset management is currently contributed by the growth of total managed financing receivables (managed receivables) of 7.4 percent from IDR 20.5 trillion in 2022 to IDR 22.0 trillion in 2023.