Jakarta, 29 August 2024 - PT Bank Jago Tbk, a tech-based bank with a business model that collaborates with digital ecosystems, held a public expose on the company's positive and sustainable performance growth through Q2-2024. Innovation and collaboration have been key to Bank Jago's business growth, both in terms of the number of customers, third-party funds (DPK), and lending.
"The spirit of innovation and collaboration with the digital ecosystem continues to play a crucial role in realizing the aspiration to enhance the growth of millions through life-centric digital financial solutions," said Bank Jago's President Director, Arief Harris Tandjung, during the public expose conducted online.
From the start, Bank Jago has been committed to consistently collaborating with strategic partners, such as the GoTo ecosystem, which includes Gojek, GoPay, and Tokopedia-TikTok, as well as the digital financial ecosystems of Bibit and Stockbit. Bank Jago developed the Jago App, designed to be embedded in various digital ecosystems, allowing it to be customized and personalized to be compatible with the technology of ecosystem participants and the needs of each customer.
For example, Bank Jago collaborated with GoTo Financial to create GoPay Tabungan by Jago. This is the first collaborative product between a bank and a financial technology (fintech) company in Indonesia, combining simple electronic money services with the advantages of a bank.
Additionally, Bank Jago has partnered with Bibit and Stockbit to provide interconnected financial products and services. This deep collaboration between a technology-based bank and mutual fund selling agents (APERD) and online stock investment platforms allows customers to manage their finances and invest easily, quickly, and seamlessly.
The business model of collaborating with digital ecosystems has enabled Bank Jago to gain more than 10 million funding customers through the Jago App as of July 2024. Of this number, 66% come from ecosystem partners. When including lending customers, Bank Jago's total customers reach 12.5 million.
The growth in Jago App users aligns with the collection of third-party funds (DPK), which reached IDR 14.8 trillion by the end of Q2-2024, an increase of 47% compared to the same period last year at IDR 10.1 trillion. Of this total, 61% or IDR 9.1 trillion are in current accounts and savings accounts (CASA), while the remaining 39% or IDR 5.7 trillion are in term deposits (TD).
Through collaboration with various partners, such as ecosystems and digital platforms, financing companies, and other financial institutions, Bank Jago successfully disbursed loans amounting to IDR 15.7 trillion by the end of Q2-2024, a 40% increase from the same period last year at IDR 11.2 trillion.
The loan disbursement was carried out with quality and a focus on prudential principles, as reflected in the low gross non-performing loan (NPL) ratio of 0.4%.
Quality loan growth has driven Bank Jago's assets to IDR 24.2 trillion by the first half of 2024, an increase of 29% from the same period last year at IDR 18.9 trillion. The capital adequacy ratio (CAR) reached 50%, indicating a strong level of capital to support future business expansion.
Consistency in maintaining quality business growth has also driven Bank Jago's profitability to improve. As of the end of June 2024, Bank Jago recorded a net profit after tax of IDR 50 billion, a 23% increase from the IDR 41 billion recorded in June 2023.
"As a tech-based bank, Bank Jago will continue to innovate and collaborate with the digital ecosystem. We believe that the combination of these two elements, along with robust risk management and governance, provides a strong foundation and momentum for Bank Jago to grow even larger and more sustainably," 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
