JAKARTA - PT Buana Finance Tbk (BBLD) pairs up with  PT Bank Jago Tbk (ARTO) to reinforce financing distribution to consumers. In 2023, the issuer reported financing receivables of roughly IDR 5.3 trillion.

Mariana Setyadi, Director of BBLD, confirmed that the company and ARTO signed a joint financing contract worth IDR 500 billion last week (30/8). “The value of this joint financing scheme represents 35.8% of total equity of the company in December 2023,” she added in the information disclosure quoted Wednesday (4/9).

As of December 2023, total equity was recorded at IDR 1.39 trillion, up from IDR 1.31 trillion seen in the same period in 2022.

According to Setyadi, prior to this joint financing agreement being signed, the company has secured a term loan facility from Bank Jago worth IDR 1.55 trillion.

BBLD reported total bank loans of IDR 4.02 trillion in 2023, nearly double the number recorded in 2022 with bank loans totalling IDR 2.84 trillion. (LK/ZH)