VRNA
Contact our analyst Achmadi
Company Update
Not Rated
29th July 2024
Significant Decrease of Net Profit
In Q1-2024, VRNA's net profit experienced a massive decline, dropping by 35.36% YoY to IDR 8.15 billion, despite a 20.85% YoY increase in net interest income. This decline was driven by a significant increase in provision expenses, up by 94.01% YoY, and other operating expenses, which rose by 22.91%.
Robust Financing Growth
As of March 2024, VRNA's financing portfolio grew by 23.51% YoY, supported by both Consumer Financing, which grew by 25.51% YoY, and Finance Lease, which grew by 18.95% YoY.
Significant Improvement of Asset Quality
As of March 2024, VRNA's Non-Performing Financing (NPF) ratio stood at 0.22%, showing a significant improvement of 188 basis points (bps) YoY, although it rose by 3 bps quarterly. This improvement is evident in its stage-3 Consumer Finance Receivables and Finance Lease Receivables, which account for only 0.71% and 4.01% of the total, respectively.
In Q1-2024, VRNA's net profit experienced a massive decline, dropping by 35.36% YoY to IDR 8.15 billion, despite a 20.85% YoY increase in net interest income. This decline was driven by a significant increase in provision expenses, up by 94.01% YoY, and other operating expenses, which rose by 22.91%.
Robust Financing Growth
As of March 2024, VRNA's financing portfolio grew by 23.51% YoY, supported by both Consumer Financing, which grew by 25.51% YoY, and Finance Lease, which grew by 18.95% YoY.
Significant Improvement of Asset Quality
As of March 2024, VRNA's Non-Performing Financing (NPF) ratio stood at 0.22%, showing a significant improvement of 188 basis points (bps) YoY, although it rose by 3 bps quarterly. This improvement is evident in its stage-3 Consumer Finance Receivables and Finance Lease Receivables, which account for only 0.71% and 4.01% of the total, respectively.
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