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MULTIFINANCE – JAKARTA. PT Toyota Astra Financial Services (TAF) recorded a positive performance as seen from the increase in profit throughout 2023. In 2024, this subsidiary of PT Astra International Tbk is optimistic about continuing significant growth.
Based on the financial report, TAF recorded a net profit growth of 28.27% year on year (YoY) to IDR 690.33 billion in 2023, compared to 2022 which was IDR 538.19 billion.
Marketing Dept. Head of PT Astra Toyota Astra Financial Services, Richard Wang said that the profit growth was driven by several factors, first, as a distributor of four-wheel vehicle financing, TAF maintains good relations with dealers.
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“Secondly, TAF also has an advantage as part of the value chain in the Toyota and Astra ecosystem. Third, taking advantage of opportunities in the market and developing new services,” he said to Kontan. co.id, Friday (23/2).
Richard continued, that they also maintain the quality of financing with a prudent acquisition process, strengthening the collection process, as well as digitalization initiatives and business process improvements that pay attention to risk and compliance and Good Corporate Governance (GCG).
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He mentioned, TAF successfully distributed financing of IDR 23 trillion in 2023, an increase of up to 26% YoY compared to 2022. Unfortunately, he did not mention how much the target is in 2024.
“TAF continues to strive to increase financing beyond the achievements of the previous year,” he explained.
This year, Richard continued, they will initiate the development of a business portfolio to optimize sustainable growth, increase the potential for other collaborations within the Toyota and Astra ecosystem, and continue to foster good relations and cooperation with dealers.
“At the same time, TAF is developing digitalization initiatives that optimize the overall business process and services to respond to changes in the industry and consumers, and continue to ensure the quality of financing and risk management,” he concluded.
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For information, TAF's revenue increased by 28.86% yoy to IDR 3.84 trillion in 2023, compared to last year which was IDR 2.98 trillion. The company's expenses also increased by 29.26% yoy to IDR 2.96 trillion.
TAF's total liabilities also increased by 22.34% yoy to IDR 30.06 trillion, while TAF's equity or capital increased by 21.96% yoy to IDR 4.61 trillion throughout 2023.
The total assets owned by the company also increased by 22.29% yoy to IDR 34.67 trillion in 2023, compared to 2022 which was IDR 34.67 trillion.
