BBRI - BRI finance records car financing increased 87.2% yoy

BBRI - BRI finance records car financing increased 87.2% yoy PT BRI Multifinance Indonesia (BRI Finance) noted an increase in distribution of used car financing throughout 2023. This year, the company will continue to increase financing to this segment. According to BRI finance the company's distribution of used car financing rose 87.2% yoy. The best-selling type of used car through BRI Finance financing is passenger car. Prima explained that his party had collaborated with more than 927 used car showrooms throughout Indonesia. The company's used car financing services can be obtained via the myBRIF application and visiting the nearest branch office. BRI Finance also offers special promos for used car financing, with a minimum Down Payment (DP) of 15% and interest starting from 0.53% per month. (Source: BBRI). Comment: We think car financing will remain grow significantly this year and overall will contribute meaningfully to overall consumer loan segment. We think new and used car sales will continue to record similar figure with FY23 growth and likely to be higher.