Bisnis.com, JAKARTA - The financing company PT Clipan Finance Indonesia Tbk (CFIN) is trying to boost financing assets by starting a more expansive strategy since early 2022.
President Director of CFIN Harjanto Tjitohardjojo said this performance improvement was evident from the increase in financing receivables in the first quarter of 2022 to Rp5.73 trillion, from the previous Rp5.66 trillion at the end of 2021.
With this financing, CFIN's total assets will be increased to Rp7.45 trillion as of March 2022, up from the previous Rp7.12 trillion at the end of 2021.
However, this increase in business did not go hand in hand with the achievement of net profit. The company recorded a profit of only Rp. 1.58 billion during the first quarter of 2022, a sharp decline compared to Rp. 40.57 billion in the first quarter of 2021.
"This is because we added the reserves to make it bigger. But with the outstanding that is getting better, we believe that the profit at the end of 2022 can be better than the last period," he told Bisnis, Sunday (15/5/2022).
As an illustration, the profit of this subsidiary of PT Bank Pan Indonesia Tbk (PaninBank/PNBN) reached IDR 46.3 billion throughout 2021, still, slightly lower than the 2020 period of IDR 46.56 billion.
Meanwhile, new financing (bookings) that CFIN managed to record throughout last year reached Rp3.6 trillion. In the first quarter of 2022, bookings have been in the range of Rp. 1.6 trillion. CFIN is still aiming for growth above 60 percent (year-on-year/yoy) by the end of the year.
For comparison, before the pandemic or throughout the 2019 period, the total CFIN bookings were at IDR 8.17 trillion. Meanwhile, in the 2020 period, total CFIN bookings fell to IDR 2.38 trillion due to the impact of the Covid-19 pandemic.