Press Release - April 28, 2023

Bank Jago Continues to Grow in Q1-2023

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Jakarta, 28 April 2023 - Starting off 2023, PT Bank Jago Tbk consistently continues its healthy growth, both in terms of loans, third-party funds and the number of customers. As a tech-based bank embedded in the ecosystem, Bank Jago has successfully served 7.5 million customers, including more than 5.8 million funding customers through the Jago App in Q1-2023.

The number of customers had more than doubled compared to 3.5 million customers in Q1-2022, including 2.3 million funding customers through the Jago App. The growth in the number of funding customers was in line with the growth of third-party funds by 120%, reaching IDR 9.28 trillion as of March 2023 from IDR 4.21 trillion as of March 2022.

"With a commitment to continue innovating, deepening collaboration with existing ecosystems and expanding collaboration with new ecosystems, we have succeeded in reaching more customers to use the Jago App," said President Director of Bank Jago, Kharim Siregar.

The increase in third-party funds was driven by the growth of current account and savings account (CASA) by 158% from IDR 2.29 trillion in Q1-2022 to IDR 5.92 trillion in Q1-2023. This significant growth pushed CASA's portion of third-party funds to reach 64% at the end of March.

Until Q1-2023, Bank Jago's loans and sharia financing amounted to IDR 10.84 trillion, growing by 76% compared to the same period last year of IDR 6.15 trillion. This growth was achieved through the strategy of disbursing loans and sharia financing through collaboration with various partners, including digital ecosystems and platforms, financing companies and other financial institutions.

In disbursing loans, Bank Jago did it carefully while still looking for existing expansion opportunities. This showed by the gross non-performing loan (NPL) ratio at the level of 1.5% or below the banking industry average.

"We believe that collaboration is the most effective way to provide financing to more customers while still paying attention to credit risks so that Bank Jago can grow sustainably," Kharim added.

The growth of loans and sharia financing pushed Bank Jago's assets to reach IDR 18.02 trillion and net profits before tax to IDR 22 billion at the end of March 2023. Meanwhile, the capital adequacy ratio (CAR) was 79%, indicating strong capitalization for future business expansion.

Kharim explained that this achievement showed that Bank Jago could grow sustainably with strong fundamentals that had been built since the previous year.

"With the aspiration to enhance the growth of millions through life-centric digital financial solutions, we will continue to innovate and collaborate so that we can offer relevant financial products and services while helping more people to improve their lives and finances," he said.

 

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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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