Press Release - April 28, 2022

Bank Jago Maintains Positive Financial Performance in First Quarter of 2022

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Bank Jago recorded a robust growth in its customer number, loan, third party fund, and profit in the first quarter of 2022.


Jakarta, April 28, 2022 – PT Bank Jago Tbk has managed to keep a positive and efficient business growth trajectory with prudent loan risks in the first quarter of 2022, at a time when Indonesia’s economy starts to recover.

As a technology-based bank built in digital ecosystems, Bank Jago disbursed loan and sharia financing worth IDR 6.14 trillion as of March 2022, higher 376% compared to the corresponding period last year of Rp 1.29 trillion. Jago Syariah, which was recently launched in September 2021, contributed optimally as it booked financing amounted to IDR 2.4 trillion as of the end of first quarter of 2022.

“Both conventional and sharia segments managed to grow equally fast, supported by the right business model and collaborations with various digital ecosystems,” said President Director of Bank Jago Kharim Siregar. “Robust loan and sharia financing channeling reflects our aspiration to contribute to Indonesia’s economic recovery.”

The aggressive growth in loan and sharia financing disbursement was supported by collaborations with several fintech lending, multifinance and other digital financial institutions in partnership lending. The partnership lending collaborations completed Bank Jago’s integration with super-app Gojek, online mutual funds application Bibit and online stock trading platform Stockbit. Bank Jago has collaborated with 32 institutions as of March 2022.

Bank Jago managed to keep its loan and sharia financing risks low despite the strong and efficient growth. Gross non-performing loan (NPL) ratio stood at 1.5% while the net NPL recorded at 0.4%. These ratios are far below those of the national banking industry.



Interest income and sharia income also skyrocketed 729% year-on-year (yoy) to IDR 347 billion in the first quarter, in line with the high growth in loan and sharia financing. Meanwhile, interest and sharia costs grew 267% yoy to IDR 31 billion. Thus, Bank Jago booked net interest income worth IDR 316 billion or higher 845% yoy.



The relatively low interest cost was due to an improvement in the funding cost structure thanks to the presence of Jago application, which was launched in April 2021, and Jago Syariah in February 2022. 

The number of Jago’s funding customers reached 2.3 million as of March or grew 71% compared to 1.4 million customers recorded in 2021. This situation catapulted the third party fund by 340% yoy to IDR 4.21 trillion.

Jago app became the main driver of the funding growth and dominated the third party fund structure. Current account savings account (CASA) rose 817% yoy to IDR 2.29 trillion while time deposit grew 172% to IDR 1.92 trillion. On that basis, CASA’s share to the total third party fund increased to 54.4% as of March while time deposit portion decreased to 45.6%.

The CASA’s growth resulted in lower cost of funds of 3.2% compared to 4.1% in the same period last year. Meanwhile, net interest margin (NIM) stood at 11.1% or higher compared to 7.7% in the corresponding period last year.

“The number of Jago and Jago Syariah apps’ customers increased by almost 1 million in the first three months of 2022. We believe the customer growth will be even faster going forward in line with our plan to launch the Jago application for merchants and to boost Jago app usage, which becomes an integrated life-centric financial solution,” said Kharim.

The aggressive loan growth, low NPL and improving cost of funds positively impacted the bank’s net profit after tax of IDR 19 billion, a reversal from a loss recorded in the first quarter of 2021. Return on asset (ROA) and return on equity (ROE) increased to 0.8% and 1%, respectively. Bank Jago’s efficiency was also reflected in its cost-to-income ratio (CIR) that was significantly lower to 74% from 229% in last year’s first three months.

“We want a balanced growth, which is a robust business expansion with a maintained profitability. We believe this strategy will make us grow fast and sustainably with prudence,” said Kharim.

To support its business expansion in the future, Bank Jago maintained a strong capital adequacy ratio (CAR) of 131% as of March. Its assets were worth IDR 12.82 trillion during the period, growing 39% compared to the same period last year.




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