The positive combination of lending disbursement and third party funds collection allows Bank Jago to continue recording profits.
Jakarta, 17 March 2023 - Aspiring to enhance the growth of millions through life-focused digital financial solutions embedded in the ecosystem, PT Bank Jago Tbk consistently grows in a healthy and sustainable manner, in terms of loans, third party funds (DPK), as well as the number of customers.
Throughout 2022, Bank Jago's loans disbursement and sharia financing grew by 76% to IDR 9.43 trillion compared to IDR 5.37 trillion in 2021. This growth was achieved through the strategy of loans disbursement and sharia financing through collaboration with various partners, such as digital ecosystem and platform, financing companies, and other financial institutions.
In order to maintain healthy business growth, Bank Jago disbursed loans and sharia financing carefully and prudently while still considering expansion opportunities. This is visible from the ratio of non-performing loan (NPL) gross at the level of 1,8% or below the banking industry average.
“To grow rapidly and solidly, we believe that collaboration is the most effective way. We do this while still paying attention to credit risk so that Bank Jago can grow sustainably,” said President Director of Bank Jago Kharim Siregar.
In terms of funding, Bank Jago managed to collect DPK of IDR 8.27 trillion by the end of 2022. This number has increased by 125% from the previous year of Rp 3.68 trillion. The increase in DPK was driven by the growth of current account and savings account (CASA) of 238% from IDR 1.68 trillion in 2021 to IDR 5.67 trillion in 2022.
The significant growth drives CASA’s position towards third-party funds that reaches 69% in 2022, a significant increase from 46% in 2021. New innovations and collaborations in 2022 also succeeded in driving the number of funding customers to more than 5.5 million by the end of last year, nearly quadrupling from,4 million at the end of 2021.
“Over the past year, Bank Jago has carried out new innovations and collaborations, such as launching the Jago Sharia App and integrating the Jago App with applications for GoFood business partners, GoBiz. This year we will continue to innovate, deepen collaborations with existing ecosystems, and expand collaboration with new ecosystems so that we can offer life-centric digital financial solutions to more people” continued Kharim. By the end of December 2022, Bank Jago had collaborations with 36 partners, including 30 partners for loans disbursement and sharia financing.
The combination of loans disbursement and sharia financing with positive DPK collection Bank Jago to continue recording profits. By the end of December 2022, Bank Jago recorded a profit before tax of IDR 20 billion, increased from IDR 9 billion the previous year .
“Bank Jago is on the right track by building a strong foundation amidst global and domestic economic challenges. We continue to monitor potential risks but still take advantage of every opportunity that may arise to achieve sustainable growth” said Kharim.
As of the end of December 2022, Bank Jago's assets reached IDR 16.97 trillion, growing 38% from IDR 12.31 at the end of December 2021. The capital adequacy ratio (CAR) is 83% which shows a strong capital for future business expansion.
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About Jago Bank
Formally known as PT Bank Artos Indonesia (Bank Artos) in 1992. After more than 27 years of serving the society with conventional banking products, in 2019 Bank Artos entered a new era which was marked by the entry of PT Metamorphosis Ekosistem Indonesia (MEI) and Wealth Track Technology Limited (WTT) as the new controlling shareholders after acquiring Bank Artos shares MEI (37.65%) and WTT (13.35%).
After the Limited Public Offering (Penawaran Umum Terbatas/PUT) phase II, the total ownership of MEI and WTT was 41.49%. The entry of institutional investors, such as GIC Pte. and GoTo Financial, strengthened Bank Jago in providing the best financial solutions by continuously innovating.
Setelah Penawaran Umum Terbatas (PUT) tahap II, total kepemilikan MEI dan WTT 41,49%. Masuknya investor institusi, seperti GIC Pte. dan GoTo Financial, memperkuat Bank Jago dalam memberikan solusi keuangan terbaik dengan cara terus berinovasi.
Bank Jago was developed as a strong and innovative tech-based bank ready to serve the needs of customers in the retail market segment (consumer), Small and Medium sized Enterprises (SMEs), as well as the mass market, through banking products and services that are embedded in ecosystems by optimizing technology. Bank Jago enhances the growth of millions through life-focused digital finance solutions.
For further information contact:
Marchelo
Corporate Communication
PT Bank Jago Tbk
