JAKARTA – Although its revenue grew by a double digit, PT BFI Finance Indonesia Tbk (BFIN) failed to record the same win for its net profit at the end of 2023, booking net profit of only IDR 1.6 trillion or 9% year-on-year (yoy) decrease.

Based on the Financial Report 2023 of BFIN, its total revenue as of December 2023 reached IDR 6.35 trillion, up 18% yoy, with financing receivables still being the highest component of the revenue.

BFI Finance’s financing business is still dominated by financing secured by two- and four-wheelers of 62.7%. Then, heavy equipment and machine financing clocked up to 14.9%, followed by used and new two-wheelers and four-wheelers purchase of 14%, financing secured by property certificates of 4.4%, and sharia-based financing of 4.0%.

However, with expenses swelling by up to 37.6% yoy to IDR 4.33 trillion, BFIN only managed to score net profit of IDR 1.6 trillion. This number shrank 9% yoy from IDR 1.8 trillion in 2022, which was the highest net profit recorded throughout the history of BFIN.

According to BFIN, there was a decrease in new financing throughout 2023 of 5% yoy to IDR 19.1 trillion. “It is because, nearing the end of the first half of 2023, the company was forced to stop operational system temporarily in order to enhance digital security,” added the management.

As is known, in May 2023, BFIN reported a cyberattack. “In regard to this condition, the company immediately initiated recovery and adjustments in different lines. Therefore, in Q4 2023, all recovery processes had been completed,” added the management of BFIN in the official release today (26/2).

In terms of credit risk management, until the end of 2023, BFI Finance managed to report gross non-performing financing (NPF) ratio of 1.36% and net NPF ratio of 0.15%.

For 2024, BFIN claims to focus more on digital network expansion, optimising existing products, as well as developing technology. “It is to promote the company’s business development into an end-to-end technology-based company,” concluded the management in the official disclosure today. (ZH)