Jakarta, 28 October 2024 - PT Bank Jago Tbk continues to grow its business through Q3-2024. Strengthened innovation and collaboration with the digital ecosystem have sustainably boosted Bank Jago's performance in terms of customer numbers, third-party funds (DPK), and loan disbursement.
As of the end of Q3-2024, the number of funding customers using the Jago App has exceeded 11.1 million. Including lending customers, Bank Jago's total customer base reaches 14.1 million. Of the funding customers on the Jago App, over 67% come from ecosystem partners, including the GoTo ecosystem and the Bibit online mutual fund platform, seamlessly integrated with the Jago App.
"We believe that collaboration with the digital ecosystem, combined with various digital innovations and the implementation of a sustainable business and fundamental strategy, is the right business model for growing Bank Jago," stated Bank Jago President Director Arief Harris Tandjung.
The growth of Jago App users aligns with DPK, which reached IDR 16.9 trillion by the end of Q3-2024, growing 64% from the same period last year, which was IDR 10.3 trillion. Of this third-party funds, 57% or IDR 9.6 trillion is in current accounts and savings accounts (CASA), while the remaining 43% or IDR 7.3 trillion is in term deposits (TD).
Through collaborations with various partners, including ecosystems, digital platforms, financing companies, and other financial institutions, Bank Jago successfully disbursed loans totaling IDR 17.3 trillion by the end of Q3-2024, marking a 59% growth from IDR 10.9 trillion in the same period last year.
Loan disbursement is managed with quality and a focus on prudence, reflected in a low non-performing loan (NPL) gross ratio of 0.2%.
Quality loan growth has pushed Bank Jago's assets to IDR 26.8 trillion as of September 2024, growing 40% from IDR 19.1 trillion in the same period last year. The capital adequacy ratio (CAR) reached 45.6%, demonstrating a strong capital level to support future business expansion.
Consistently maintaining quality and sustainable business growth has also improved Bank Jago’s profitability. As of September 2024, Bank Jago recorded a net profit after tax of IDR 86 billion, a 71% increase from IDR 50 billion in September 2023.
"As a tech-based bank, Bank Jago has successfully maintained and grown profitability without sacrificing growth quality or excessively burning our capital. Moving forward, we will consistently collaborate and innovate to provide fundamental features as well as unique Jago features," Arief added.
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About Bank Jago
Specifically built as a tech-based bank embedded within Indonesia’s digital ecosystem, Bank Jago aspires to enhance the growth of millions through life-centric digital financial solutions. Bank Jago develops banking products and services, both conventional and sharia, that can be used by everyone, including retail (consumer), mass market, or micro, small and medium enterprises (MSME).
Bank Jago develops Jago App, which is designed to be embedded within various digital ecosystems, and can be customized and personalized so it can be compatible with their ecosystems, and also with the users’ personal needs. The collaborations with various ecosystems enable users to live their life more conveniently.
For further information please contact:
Marchelo
Corporate Communication
PT Bank Jago Tbk
