JAKARTA - The performance of PT BFI Finance Indonesia Tbk (BFI Finance – IDX: BFIN) has accelerated again in line with the economic recovery and purchasing power of the public and business players in various industrial lines that occurred throughout the first quarter of 2022. Although the beginning of the year was overshadowed by the third wave of the COVID-19 variants of the Omicron, the sustainability of the strengthening of the economy continues to creep up.
BFI Finance managed to reach a new record in terms of new financing (bookings) per quarter in the history of the Company with a value of Rp. 4.8 trillion. This value increased 61.8% compared to the same period in the previous year, and 10.9% compared to the previous quarter.
This increase in booking value helped control the total number of receivables managed, which rose 14.3% compared to the first quarter of 2021, to Rp15.6 trillion. The Gross Non-Performing Financing (NPF) ratio remained stable, improving at 1.06% and net at 0.26%. Meanwhile, asset value was reported at Rp16.4 trillion, or 15.4% yoy higher.
"The increasing mobility of the people as well as the increasing demand and consumption ahead of Ramadan also supported the Company's performance during the first quarter," said Sudjono, Director of Finance who is also Corporate Secretary of BFI Finance.
In terms of revenue, the Company also recorded an impressive performance, where net profit increased 72.5% to Rp396 billion in the same period. This high profit increase was inseparable from the growth of total revenue by 18.4% yoy to Rp1.2 trillion and offset by a 3.6% decrease in total costs supported by lower cost of funds and cost of credit, which decreased compared to the previous year, with operating costs increasing proportionally. (LM)