Jakarta, November 29, 2023 – Publicly listed Bank Jago, a technology-based bank with a collaboration business model with digital ecosystem, held a public expose on its third quarter of 2023 financial performance which grew positive and with quality. In a public expose held virtually, Bank Jago management explained the bank’s achievements and collaborations as part of transparency and a form of public education.
“The spirit of innovation and collaboration with the digital ecosystem remains to be the main engine of Bank Jago in enabling our aspiration to enhance growth opportunities for millions of people through life-based digital financial solutions,” Bank Jago President Director Arief Harris Tandjung said.
Since the beginning, Bank Jago has been committed to collaborating with strategic partners consistently. For instance, the GoTo ecosystem which consists of Gojek, GoPay, and Tokopedia, as well as financial digital ecosystems, such as Bibit and Stockbit. Such collaborations allow Bank Jago to build a unique business model in which its products and services are embedded in those digital ecosystems. At the same time, these kinds of collaboration become an entry point for people to access banking products and services.
The latest initiative between Bank Jago and the digital ecosystem is a collaboration with GoTo Financial through GoPay Tabungan by Jago. It is the first collaboration between a bank and financial technology (fintech) company in a product which combines a simple e-wallet with the strengths of a bank savings account.
Previously, people used GoPay for transactions only, but it is now able to become a bank savings account where the users can keep their money, transfer funds, and pay for any kind of daily transactions. The product can be accessed directly through both GoPay and Gojek apps.
As of October 2023, Bank Jago saw its total number of customers reaching 9.6 million, including 7.6 million funding customers who also use the Jago app. The number of Jago app users has been growing from 5.1 million seen in 2022.
Bank Jago continued to book a positive performance as of the third quarter of 2023. Total value of third-party funds reached Rp 10.3 trillion, growing by 41 percent from Rp 7.3 trillion recorded in the same period of 2022. Current account and savings account (CASA) dominated the bank’s third-party funds by 73 percent, while the remaining 27 percent were time deposits.
Meanwhile, loans grew 33 percent to Rp 10.9 trillion from Rp 8.2 trillion in the same period of 2022. The bank remains prudent and measured in disbursing its loans, as seen in its gross non-performing loan (NPL) ratio at 1.2 percent.
In disbursing its loans, Bank Jago still prioritizes collaborations with various partners, such as digital ecosystems and platforms, financing companies, and other financial institutions.
The positive loan growth drove net interest income up to Rp 1.2 trillion as of third quarter 2023, growing by 23 percent from Rp 984 billion in the same period a year prior. Bank Jago managed to book 24 percent growth in net profit after tax to Rp 50 billion, compared to Rp 41 billion seen in September 2022.
In line with its focus on keeping solid fundamentals, Bank Jago booked Rp 19.1 trillion in assets, a 21 percent increase from the same period of 2022. Capital adequacy ratio (CAR) stood at 71 percent, showing a strong capital to support business expansion.
“Bank Jago’s financial performance throughout 2023 continues to show good momentum. Through our consistency as a technology-based bank which utilizes a collaborative business model with digital ecosystems, Bank Jago aspires to grow its business bigger and more sustainable in the long run,” Arief said.
