KONTAN.CO.ID - JAKARTA. PT KDB Tifa Finance Tbk (TIFA) posted a net profit in the first half of 2023 of IDR 29.66 billion. This figure grew 2.52% on an annual basis (year on year/YoY) compared to the same period the previous year of IDR 28.93 billion.

Looking at the financial reports, quoted on Friday (28/7), the profit growth was mainly driven by finance lease income by 22.39% YoY to IDR 70.84 billion in the first semester of 2023, from IDR 57.88 billion in the first semester of 2022 .

Then, from interest posts and TIFA profit sharing, it was also observed to grow 16.34% yoy to IDR 2.39 billion in the first semester of 2023 from the previous position of IDR 2.06 billion in the first semester of 2022.

However, TIFA's total revenue was driven positively where it grew 16.56% yoy to IDR 81.25 billion in the first semester of 2023, compared to the first semester of 2022 which amounted to IDR 69.71 billion.

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Furthermore, the limited growth in TIFA's profits is known to be due to the increase in the amount of expenses borne by the company. The portion increased 26.26% yoy to IDR 45.95 billion in the first semester of 2023 from IDR 36.4 billion in the first semester of 2022.

Mainly, the increase in total expenses was driven by the portfolio of interest and financial expenses which skyrocketed by 604.41% YoY to IDR 10.79 billion, compared to semester I-2022 which amounted to IDR 1.53 billion.

Meanwhile, in terms of capital or equity, TIFA managed to record an increase of 2.72% year to date (ytd) to IDR 1.11 trillion in the first half of 2023, compared to the December 2022 period which was IDR 1.09 trillion.

From this brilliant performance, TIFA's total assets appear to have increased by 2.1% YtD to IDR 1.63 trillion in the first semester of 2023, compared to December 2022 which amounted to IDR 1.60 trillion.