Jakarta, 14 September 2022 - PT Bank Jago Tbk (Bank Jago) held its 2022 Public Expose today as a form of transparency and accountability to the public, including shareholders. In the virtual Public Expose, Bank Jago management presented the financial performance for the first half of 2022 and the company's future plans.
In realizing its aspiration as a technology-based bank embedded in ecosystems, this year Bank Jago focuses on developing collaborations with various ecosystems, including multifinance, financial technology, and other digital financial institutions.
"Collaboration is the key for Bank Jago to continue growing positively and solidly. Therefore, Bank Jago will continue to expand and deepen collaborations with various ecosystems," said Kharim Siregar, CEO of Bank Jago.
Most recently, Bank Jago has enhanced its collaboration with the GoTo Group to support GoPaylater Cicil, the latest product from Tokopedia. In this digital lending product, Bank Jago provides funding support. Furthermore, Bank Jago has also deepened its collaboration with GoTo Financial by integrating its services into GoBiz, the application for GoFood business partners. These two collaborations complement the integration of Bank Jago with Gojek and GoTo Financial, which began in 2021.
In May 2022, Bank Jago also collaborated with the leading e-commerce platform for buying and selling used cars, PT Carsome Indonesia, in loan disbursement. By the end of June 2022, Bank Jago had collaborated with 34 institutions, including 26 partners in partnership lending.
"Partnership lending is Bank Jago's strategy to expand market penetration while creating financial access for MSMEs and the wider community," said Kharim.
Until the end of the first semester of 2022, Bank Jago recorded positive and solid growth in the number of customers, third-party funds (DPK), and loan disbursement. The high public interest for the Jago App has driven the number of funding customers to more than 3.9 million by the end of August 2022. This number grew by more than 175% in 6 months, or recorded 1.4 million customers by the end of 2021.
This has driven DPK to grow by 253% year on year (yoy) to IDR 6.1 trillion by the end of the first semester of 2022. Year to date (ytd), the amount of DPK collected increased by 65.9% compared to the end of 2021, which was recorded at IDR 3.7 trillion. The fund cost structure has improved, reflected in the CASA ratio to total DPK reaching 63%.
Positive performance was also shown in sharia loan disbursement and financing, which grew by 234% yoy to IDR 7.3 trillion by the end of the first semester of 2022. Ytd, sharia loan disbursement and financing increased by IDR 1.9 trillion or grew by 35% compared to the end of 2021, recorded at IDR 5.4 trillion.
The increase in CASA successfully maintained interest expenses and sharia expenses low, at IDR 64 billion in the second quarter of 2022. Meanwhile, Bank Jago's interest and sharia income increased by 340% to IDR 705 billion in the second quarter of 2022. Thus, net interest income was recorded at IDR 641 billion, growing by 361% yoy. Net profit after tax until the second quarter of 2022 amounted to IDR 29 billion, in contrast to the second quarter of 2021, which still recorded losses.
The high growth in DPK drove an improvement in the liquidity ratio or loan to deposits ratio (LDR) to 119% at the end of the second quarter of 2022 from 146% at the end of 2021. Bank Jago recorded an NIM of 10.8% and a capital adequacy ratio (CAR) of 110%, strong enough to support future business expansion. Until the end of June 2022, Bank Jago recorded total assets of IDR 14.6 trillion, growing by 44.8% compared to the same period the previous year.
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
