Jakarta, 26 July 2024 - PT Bank Jago Tbk recorded quality business growth in the first half of 2024. The bank’s innovative approach and collaboration with the digital ecosystems have been key drivers of its sustainable business, reflected in customer numbers growth, third-party funds collection and loan disbursement.
As of July 2024, Bank Jago boasts over 10 million funding customers who manage their finances through the Jago App. Including lending customers, the bank’s total customer base stands at 12.5 million.
Strategic ecosystem partners, including the GoTo ecosystem and the online mutual fund platform Bibit which are seamlessly connected with the Jago App, have been instrumental in driving business growth. This is evident from the number of Jago App funding customers, 66% of whom come from ecosystem partners.
This surge in user numbers is mirrored in third-party funds growth, which reached IDR 14.8 trillion by the end of Q2-2024, a 47% increase compared to the same period last year of IDR 10.1 trillion. Current account and savings account (CASA) represent 61% of this amount or IDR 9.1 trillion, while term deposits (TD) account for the remaining 39% or IDR 5.7 trillion.
Leveraging its collaboration with various partners, including ecosystem and digital platforms, finance companies and other financial institutions, Bank Jago disbursed loans totaling IDR 15.7 trillion by the end of Q2-2024, a 40% increase from the same period last year of IDR 11.2 trillion.
This growth is underpinned by a stringent focus on loan quality and prudence, as evidenced by the low gross non-performing loan (NPL) ratio of 0.4%.
“Bank Jago’s combination of digital prowess, and sound business fundamentals, has fueled consistent growth while maintaining exceptional quality. This reinforces our belief in the power of innovation and collaboration with the digital ecosystems,” said Bank Jago President Director Arief Harris Tandjung.
Strong loan performance has propelled Bank Jago’s total assets to IDR 24.2 trillion, a 29% increase from the same period last year of IDR 18.9 trillion. The bank’s capital adequacy ratio (CAR) of 50% underscores its robust financial position and capacity for future expansion.
This period of sustained growth has translated into improved profitability. Bank Jago recorded a net profit after tax of IDR 50 billion by the end of June 2024, a 23% increase from June 2023’s IDR 41 billion.
"As a tech-based bank, Bank Jago will continue to innovate and expand its digital ecosystem collaborations. By combining these strengths with robust risk management and governance, we have a strong foundation to achieve even greater heights," said Arief.
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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
