Indonesia Financial Group (IFG) recorded a profit for the year of Rp2.2 trillion in 2020.

IFG Director of Finance and General Rizal Ariansyah said the profit was 20% higher than the target set in the 2020 budget plan, which was Rp1.8 trillion.

Several financial ratio indicators also reflected IFG's better performance during 2020. EBITDA recorded at Rp2.42 trillion or 4% higher than the 2020 budget plan target of Rp2.36 trillion and its liquidity ratio of 2.95 times or 15%  better than the 2020 budget plan target set 2.57 times.

"Likewise, the company's yield on investment ratio as of the end of 2020 was 7% or 75% higher than the 2020 budget plan target of 4%," Rizal Ariansyah said in a written statement on Monday (22/3).

IFG's asset value also exceeded the 2020 budget target or around 9% to Rp88 trillion.

According to Rizal, currently, IFG is focused on improving corporate governance and holding members. IFG is committed to realizing better corporate governance in carrying out its three roles: financial planning, fundraising, and investment management.

"For financial planning, we have a role to participate in the preparation of the budget plan and cost control of holding member companies," he explained.

IFG also raises funds for its subsidiaries' capital needs through state equity participation (PMN), issuing bonds through the capital market, and bank loans. With a 'AAA' rating from Pefindo, IFG has the opportunity to issue bonds at a much lower cost, resulting in cost savings.