Press Release - July 31, 2023

Bank Jago Continues Growing with Quality

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Jakarta, July 31, 2023 – Bank Jago, a technology-based bank with a collaborative business model planted in digital ecosystems, continues seizing the momentum to book a positive performance in the second quarter of 2023. The bank saw increases in the number of customers and third-party funds as well as quality loan disbursement.

As of June 2023, Bank Jago serves more than 8.3 million total customers, which include 6.7 million funding customers connected to the Jago Application. The number of Jago App users has more than doubled compared to last June's achievement of around 3 million customers.

The surge in Jago App users contributed to an increase in third-party funds, which reached Rp 10.1 trillion, growing 65% from Rp 6.1 trillion in the same period last year. Current account saving accounts (CASA) dominates third-party funds at 71.4%, while the rest are time deposits at 28.6%.

"The growth in the number of customers and third-party funds is a result of Bank Jago's commitment to continue innovating, deepening, and expanding collaboration with the digital ecosystem. This also shows that the public trust towards Bank Jago continues to increase from time to time," said Bank Jago President Director Arief Harris Tandjung.

Bank Jago disburses loans and sharia financing through collaboration with various partners, such as ecosystems and digital platforms, finance companies, and other financial institutions. Through this strategy, Bank Jago managed to book loans and sharia financing worth Rp 11.2 trillion as of the second quarter of this year, growing 54% compared to Rp 7.3 trillion seen in the same period of 2022. 

In disbursing loans, Bank Jago remains prudent and measured while taking into account expansion opportunities. This can be seen from its gross non-performing loans (NPL) at 1.2%, or below Indonesia’s banking industry average of 2.5%.

Along with the increase in loans and sharia financing, Bank Jago posted a net interest income of Rp 832 billion during the first half of 2023, an increase of 30% compared to Rp 641 billion in the same period last year. In accumulation, Bank Jago managed to record a net profit after tax of Rp 41 billion in the first half of 2023, an increase of 40% from a net profit of Rp 29 billion in the same period last year.

"The financial performance of Bank Jago during the second quarter of 2023 shows a good momentum and is on the right track. We want to grow our business even bigger by continuing to innovate as a technology-based bank and collaborating with digital ecosystems," explained Arief.

As of the first half of 2023, Bank Jago continued showing solid fundamentals. Bank Jago booked total assets worth Rp 18.9 trillion, growing by 29% from mid last year. The bank’s capital adequacy ratio (CAR) reached 73%, indicating a strong level of capital to support future business expansion.

 

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About Bank Jago

Bank Jago was established in Bandung in 1992 under the name PT Bank Artos Indonesia (Bank Artos). After serving customers for more than 27 years with conventional banking products, Bank Artos entered a new era in 2019 by having PT Metamorfosis Ekosistem Indonesia (MEI) and Wealth Track Technology Limited (WTT) as new controlling shareholders after they acquired Bank Artos shares of 37.65% (MEI) and 13.35% (WTT).

After the Limited Public Offering (PUT) phase II, the total ownership of MEI and WTT was 41.49%. The entry of institutional investors, including GoTo Financial and GIC Pte, strengthened Bank Jago in providing the best financial solutions by continuously innovating.

Bank Jago is developed as a strong and innovative tech-based bank and ready to serve the customer’s needs in the retail (consumer), micro, small and medium enterprises (MSMEs), as well as the mass market segments, through banking products and services embedded in ecosystems by optimizing technology. Bank Jago enhances the growth opportunities of millions through life-centric financial solutions. 

 

For more information please contact:

Marchelo

Corporate Communication 

PT Bank Jago Tbk 

[email protected]

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