BFS

Performance indicators

2022: Revenue growth 4.5 times

In 2022, the revenue of the manufacturer of Russian ATMs BFS increased 4.5 times and reached 2.6 billion rubles against 555.3 million rubles in 2021 (according to RAS). During this time, the company's net profit increased even more - by 11.5 times (from 52.8 million to 608.5 million rubles). This is evidenced by the data of Fedresurs, published in mid-April 2023.

According to Interfax with reference to these materials, the cost of sales of Banking and Financial Systems LLC (BFS) in 2022 increased more than 3.5 times - to 1.6 billion rubles from 449.6 million rubles in the previous year. Other income in 2022 increased almost 8.5 times, to 229 million rubles from 27.1 million rubles a year earlier. Other expenses increased almost 12 times, to 304 million rubles from 25.5 million rubles in 2021.

The revenue of the manufacturer of Russian ATMs BFS reached 2.6 billion rubles

BFS is part of the BFS group of companies, which was founded in 2002. According to the company's website, the BFS by April 2023 offers four models of Russian ATMs, and also sells Chinese devices. GRGBanking BFS also provides service services and develops. software

In the summer of 2022, the company announced plans to launch its own production of ATMs, which will be equipped with the Russian Elbrus processor and work on Russian software. ATMs were supposed to enter mass production in February-March 2023. It is not reported at what stage these plans are by mid-April 2023.

BFS revenues rose sharply largely due to the withdrawal of major foreign ATM manufacturers, including Diebold Nixdorf and NCR, from the Russian market. These companies stopped the supply of products and service equipment in Russia in connection with the events in Ukraine. These manufacturers were popular in Russia, ATMs of the network of some credit institutions consisted mainly of Diebold Nixdorf and NCR devices, the news agency notes.^[1]

History

2024: Former deputy head of the Ministry of Industry and Trade Alexei Uchenov acquired 25% of the company

Former Deputy Minister of Industry and Trade of Russia Alexei Uchenov acquired a 25% stake in Banking and Financial Systems (BFS), an ATM company. This was reported on June 14, 2024 by RBC with reference to Uchenov himself and BFS Marketing and Strategy Director Georgy Mironov.

Uchenov left his post at the Ministry of Industry and Trade in March 2023, where he dealt with standardization and technical regulation. The deal to buy a stake in BFS took place on June 5, 2024, but the value of the transaction was not disclosed.

source = Russian-Chinese Business Council

Leaving the market of Western companies does not mean the liberation of a certain niche, Korean and Chinese ATM manufacturers continue to work and develop in Russia. To be in demand on the domestic market, as well as have the potential to enter the markets of friendly countries, Russian industrial enterprises must be as competitive and technological as possible, "Uchenov commented on his decision.

According to him, BFS fully meets these criteria and has a clear development strategy, including in the production of components for self-service devices. As noted by BFS Marketing and Strategy Director Georgy Mironov, the company plans to completely localize the production of ATMs and enter the markets of friendly countries.

According to RBC, by June 2024, the share of Russian components in BFS ATMs reaches 80%, Elbrus processors are used. In the next year and a half, the company expects to increase the localization level to 100% by developing its own currency recognition and processing module.

Commenting on the company's plans to fully localize the production of ATMs, Director of the Association of Computer and Information Technology Enterprises, Chairman of the Council of the Chamber of Commerce and Industry for the Development of the Digital Economy Nikolai Komlev noted that it is difficult to do this, since some technologies in Russia do not yet correspond to the world level.

We can develop a processor, but we simply do not have modern equipment for its production. Therefore, processors for ATMs will be imported. It will also be difficult to replace components related to precision mechanics, where we have problems. This also applies to bill validators, - the expert explained, giving examples.

Notes