BFI Finance disbursed IDR 6.3 trillion in new financing in the first quarter of 2023

Most of the financing portfolio based on the type of assets still comes from four-wheeled vehicle financing, which accounts for up to 67.5 percent with a managed receivables value of IDR 15.2 trillion out of a total of IDR 2

Jakarta ( – PT BFI Finance Indonesia Tbk (stock code: BFIN) realized new financing which grew 53.9 percent year-on-year (yoy) to IDR 6.3 trillion in the first quarter of 2023.

“Most of the financing portfolio based on the type of assets still comes from financing four-wheeled vehicles, which takes up a portion of up to 67.5 percent of the value of managed receivables. (managed receivables) amounting to IDR 15.2 trillion out of a total of IDR 22.5 trillion,” said BFI Finance Finance Director Sudjono in a statement in Jakarta, Thursday.

In addition to financing four-wheeled vehicles, he continued the largest composition of other managed receivables, including heavy equipment and machinery financing of 12.8 percent, and financing of two-wheeled vehicles 12.5 percent.

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The rest is property financing, sharia-based financing, and financing from subsidiaries which contribute 7.2 percent to the receivables managed by the company.

With the growth in the realization of this new financing, BFI Finance posted revenue that grew 39.0 percent yo to IDR 1.6 trillion during the first quarter of 2023.

On the other hand, operational costs also recorded an increase of 46.8 percent yo to Rp1.0 trillion, in line with the increase in the company’s operational activities to support the growth of receivables over the past year.

Thus, in the first quarter of 2023 the company recorded profit after tax which increased 28.5 percent yo reached IDR 508.8 billion, which was the company’s highest quarterly net profit achievement.

“BFI Finance will continue this positive trend in 2023, and we are optimistic that we can continue this trend by maintaining good asset quality and adequate reserves, while continuing the process of business transformation and risk mitigation through good governance,” said Sudjono.

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As of March 31, 2023 non-performing financing ratio (non-performing financing/NPF) monitored low below the position of 1 percent, namely the gross level of 1.06 percent and 0.43 percent net with allowance coverage of 3.8 times.

Then, net financing receivables collected IDR 21.4 trillion, an increase of 45.0 percent compared to the first quarter of 2022.

To secure working capital needs for 2023, the company is again issuing bonds as a source of funding, which is also supported by an increase in the corporate bond rating issued by the rating agency PT Fitch Ratings Indonesia (Fitch), from ‘A+(idn)’ to ‘AA- (idn)’ Stable Outlook.

“Throughout 2023, BFI Finance has issued sustainable bonds twice with an emission value of IDR 2.7 trillion, due to the swift domestic banking liquidity after being absent in the previous year. The bonds are respectively PUB V phase III of IDR 1.1 trillion and PUB V phase IV of IDR 1.6 trillion,” said Sudjono.

Reporter: Muhammad Heriyanto
Editor: Nusarina Yuliastuti


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