Jakarta, 26 April 2024 - As a tech-based bank embedded within the ecosystem, PT Bank Jago Tbk commenced 2024 with a solid performance. As of the first quarter of 2024, Bank Jago recorded growth in terms of customer base, third-party funds (DPK) and loan disbursement.
As of the first quarter of 2024, Bank Jago successfully served 11.1 million customers, including 9 million funding customers through the Jago App. This figure marked an increase of 3.6 million customers compared to the achievement in the first quarter of 2023, which reached 7.5 million customers.
The increase in funding customers aligned with the growth in DPK, which reached 42% year-on-year (yoy). As of March 2024, DPK amounted to IDR 13.2 trillion, an increase from IDR 9.3 trillion in March 2023. Of this figure, the composition of current accounts and savings accounts (CASA) reached 63%, or IDR 8.3 trillion, while the composition of term deposits (TD) reached 37%, or IDR 4.9 trillion.
"At the beginning of this year, we remain consistent in utilizing a collaborative strategy with the ecosystem. This is an effective way to grow solidly and in line with our aspiration to enhance the growth of millions through life-centric digital financial solutions," said President Director of Bank Jago, Arief Harris Tandjung.
Strategic ecosystem partners, including the GoTo ecosystem with the GoPay Tabungan and the online investment platform, Bibit, that seamlessly connected to the Jago App, have significantly contributed to the Bank Jago's business growth. This was evident, for example, from the fact that 65% of the Jago App funding customers come from ecosystem partners.
In terms of loan disbursement, Bank Jago recorded a 32% yoy growth. Loan disbursement at the end of the first quarter of 2024 reached IDR 14.3 trillion, an increase compared to the same period last year, which stood at IDR 10.8 trillion. The growth in loan disbursement was achieved through collaboration strategies with various partners, including digital ecosystem and platform, financing companies, and other financial institutions.
Bank Jago's loan disbursement was conducted with quality and prioritizing prudence principles. This is reflected in the low gross non-performing loan (NPL) ratio of 0.6%, which was below the banking industry average of 2.3%.
The growth of loans has driven Bank Jago's assets to reach IDR 22.5 trillion, a 25% increase from the same period last year, which amounted to IDR 18 trillion. Meanwhile, Bank Jago also recorded net profit after tax (NPAT) of IDR 22 billion as of the end of March 2024, a 24% increase from the end of March 2023, which was IDR 18 billion.
The capital adequacy ratio (CAR) reached 55%, indicating the strength of capital levels to support future business expansion.
"Although the global economic situation remains uncertain, Bank Jago's strong business strategy and fundamentals have been able to bring positive and quality growth. This achievement serves as a good momentum for Bank Jago to continue sustainable growth in the future," concluded 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
