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Secondary mortgage firm SMF books 88% financing growth
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Mortgage specialist: State-owned secondary mortgage company Sarana Multigriya Finansial (SMF) president director Ananta Wiyogo (center) talks to reporters on Jan. 27, in a press briefing accompanied by directors Heliantopo (left) and Trisnadi Yulrisman. (JP/Prima Wirayani)
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tate-owned secondary mortgage company Sarana Multigriya Finansial (SMF) announced on Friday that it had disbursed Rp 6.96 trillion (US$520.76 million) in housing financing throughout last year, 88 percent higher than its 2015 achievement.
Of the figure, Rp 5.46 trillion was channeled as loans to mortgage lenders while the remaining Rp 1.5 trillion was disbursed through securitization transactions.
"Our active moves to channel mortgage financing for low-income segments have pushed up our profit," SMF president director Ananta Wiyogo told a press briefing.
The firm saw its profit jump by almost 30 percent year-on-year (yoy) to Rp 318 billion last year, while its revenue stood at Rp 979.7 billion, up by around 18 percent.
(Read also: Government to continue 1 million houses program)
The government aims to build 1 million houses for low-income people every year to reduce a housing backlog that currently stands at around 11.8 million houses.
With such opportunities, SMF aims to channel Rp 7.7 trillion of total financing this year.
"The growth target is quite high because SMF is eyeing cooperating with BPDs [regional development banks] in 26 provinces nationwide, where banks are just starting to develop their mortgages," SMF director Heliantopo said.
