Press Release - March 11, 2022

Bank Jago Books Profit in 2021, Grows Strongly with Prudence

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Collaborations supported Bank Jago’s fast, effective and prudent loan growth.


Jakarta, 11 March 2022 – PT Bank Jago Tbk has booked a solid positive financial result in 2021 after transforming itself into a tech-based bank embedded in digital ecosystems in the last two years. Bank Jago recorded a profit in 2021 due to its focus in catering retail (consumer), mass market and micro, small, and medium enterprises segments.

The achievement was supported by solid loan growth, more efficient cost of funds and low non-performing loan (NPL). Loans stood at IDR 5.37 trillion as of the end of 2021, soaring 491% from IDR 908 billion recorded in 2020.

“We started from a low baseline so that the growth rate looks astronomically high,” Bank Jago President Director Kharim Siregar said, “On the other hand, the right business model and collaborations with digital ecosystems have boosted loan disbursement more significantly.”

In 2021, Bank Jago collaborated with several fintech lending, multifinance and other digital financial institutions through partnership lending schemes. These collaborations added to Bank Jago’s integrations with super-app Gojek, online mutual funds app Bibit and online trading platform Stockbit.

Collaborations enabled the bank to expand its business fast, efficiently and with prudent risk management as shown in the 0.6% NPL. “Collaborations are our way of serving retail, mass market and micro, small, and medium enterprises segments swiftly and effectively. We would like to contribute to the economic recovery through these kinds of financing,” stated Kharim.



The strong loan growth resulted in higher interest income of IDR 652 billion, soaring 624% year-on-year (yoy), while cost of funds grew 147% to IDR 63 billion. Thus, net interest income reached IDR 590 billion or jumped 812%, while net interest margin (NIM) stood at 7.4%, higher than 4.7% recorded in 2020. Bank Jago also pocketed fee-based income worth IDR 56 billion in 2021, almost two folds the figure booked in the previous year.



The Jago app launched in April 2021 managed to lower the bank’s cost of funds. Third party funds amounted to IDR 3.68 trillion as of 2021, jumping 357% yoy, from 1.4 million customers.

Current account savings account (CASA) reached IDR 1.68 trillion or higher 667% yoy following the app launch while time deposits grew 242% to IDR 2 trillion. On that basis, the CASA portion of total third party funds increased from 27.2% in 2020 to 45.6% in 2021. Meanwhile, time deposits portion shrank from 72.8% in 2020 to 54.4% in 2021.

“The growth in the cheap funds resulted from the public’s warm welcome toward the Jago app as a life-centric digital financial solution. We believe financial management should be simple, collaborative and innovative,” Kharim said.

The aggressive loan growth, low NPL and improved cost of funds resulted in a net profit before tax of IDR 9 billion, while net profit after tax stood at IDR 86 billion.

“The profit we booked in 2021 is the beginning of Bank Jago’s solid business. With the foundation we have built in the last two years, we believe that our growth will become stronger and faster going forward,” Kharim said.

Bank Jago’s total assets were worth IDR 12.32 trillion as of 2021, growing 465% yoy. The bank’s capital adequacy ratio (CAR) stood at 170%, reflecting a strong capital to support its expansion in the years to come.




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