JAKARTA – PT BFI Finance Tbk (BFIN) has set a moderate target for asset growth and financing distribution by the end of 2024, in light of sluggish automotive market throughout the year.

According to Sudjono, Finance Director of BFIN, the company aims for year-on-year (yoy) growth in assets and financing of 5% by the end of December 2024.

As of December 2023, BFIN's assets reached nearly Rp24 trillion, growing by 9.4% yoy. This means the company is targeting assets of Rp25.2 trillion this year, compared to Rp24.1 trillion as of September 2024.

Furthermore, with new financing distribution at Rp19.1 trillion in 2023, BFIN aims to raise that figure to Rp20 trillion by December 2024.

"The overall results up to the third quarter have been quite positive. We hope to maintain this growth momentum through the end of the year. Hopefully, there will be no surprises, so we can close 2024 with a solid performance, targeting overall growth of around 5%," said Sudjono during BFIN's public expose this afternoon (Nov 21).

In Q3 2024, BFIN did post some quarter-on-quarter (qoq) improvements. New financing grew by 19.1% qoq, while revenue and net profit increased by 2.7% and 32.3% qoq, respectively.

However, as of September 2024 (9M), new financing actually declined by 1.6% yoy, while revenue fell by 1.2% yoy, and net profit dropped by 5.2%.

"The automotive sector's downturn in 2024 has also affected the financing industry. We’ve seen flat growth in both receivables and assets," Sudjono added.

Fortunately, BFIN's asset quality remains stable, with net non-performing financing (NPF) at 0.27%, and NPF coverage rising to 2.6x. (ZH)