Press Release - October 27, 2023

Growth in Customers and Third-Party Funds Jacks Up Bank Jago’s Performance

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Jakarta, October 27, 2023 - Publicly listed Bank Jago, a technology-based bank with collaborative business model with digital ecosystems, continues to book a positive performance in the third quarter of 2023. The bank managed to record an encouraging growth in the number of customers and third-party funds.

Bank Jago booked 9 million customers at the end of the third quarter of 2023, with 7.4 million are funding customers who use the Jago application. The number of Jago app users increased by 3.2 million people, or growing by 76% from 4.2 million seen in the same period of 2022.

The surge in Jago app users is in line with the growth of third-party funds. In the first nine months of this year, Bank Jago saw 41% growth in third-party funds to Rp10.3 trillion, compared to Rp7.3 trillion recorded in the same period last year.

Current account savings account (CASA) dominates third-party funds at 73%, while the remainder is time deposit at 27%. "The growth in the number of customers and third-party funds shows Bank Jago's commitment to continue innovating and strengthening collaboration with digital ecosystems," Bank Jago President Director Arief Harris Tandjung said.

In October 2023, Bank Jago launched its collaboration with GoPay, part of GoTo Financial, through GoPay Tabungan by Jago. The product is a savings account for daily transactions that can be accessed via the GoPay and Gojek apps.

GoPay Tabungan by Jago is a continuation of a strategic collaboration between Bank Jago and GoPay. The product, which is embedded in the GoTo ecosystem, will be the key to accelerating financial inclusion through savings accounts and increasing the number of bank customers and third-party funds.

"The GoTo ecosystem has been a strategic partner of Bank Jago since the beginning, especially with the integration of the Jago app with the Gojek, GoPay and GoBiz apps. This collaboration is an entry point for people to access banking products and services," Arief said.

In the third quarter of 2023, Bank Jago booked loan disbursement worth Rp10.9 trillion, growing 33% from Rp8.2 trillion seen in the same period last year. The bank disbursed its loans carefully with a measured approach as reflected in its gross non-performing loan (NPL) ratio, which stood at 1.2%. 

"We are still prioritizing collaboration with various partners in disbursing our loans, such as digital ecosystems and platforms, financing companies, and other financial institutions. Most importantly, we are able to maintain healthy business growth by paying attention to potential risks," Arief said.

The loan growth created a positive impact to the bank’s net interest income, which reached Rp1.2 trillion by the end of third quarter this year. The net interest income increased 23% from Rp984 billion seen in the same period last year. As a result, Bank Jago booked Rp50 billion in net profit after tax, an increase of 24% from Rp41 billion recorded in the third quarter of 2022.

Arief says that Bank Jago’s financial performance throughout 2023 continues to show a good momentum for the bank to grow further. Bank Jago is consistent as a technology-based bank with a collaborative business model with digital ecosystems as it aspires to grow its business even bigger and more sustainable in the long run.

Bank Jago continues to uphold solid fundamentals to achieve greater and more sustainable growth. By the end of the third quarter of 2023, Bank Jago booked total assets of Rp19.1 trillion, growing 21% from the same period last year. Its capital adequacy ratio (CAR) stood at 71%, showing a strong level of capitals to support future business expansion.

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