Press Release Jakarta, Indonesia - March 22, 2024

Collaboration Strategy Drives Bank Jago’s Performance in 2023

Jakarta, 22 March 2024 - PT Bank Jago Tbk recorded positive financial performance throughout 2023. As a tech-based bank that prioritizes innovation and collaboration with the digital ecosystem, Bank Jago consistently grows in quality, in terms of number of customers, third-party funds, and lending. 

By the end of 2023, Bank Jago saw its number of customers reaching 10.2 millions, including 8.1 millions funding customers using the Jago App. The number of Jago App users increased by 3 million customers, compared to 5.1 million customers seen at the end of 2022. 

Bank Jago’s consistency in innovation and collaboration with the digital ecosystem plays a vital role in its customers' growth. One of Bank Jago’s strategic initiatives was the launch of GoPay Tabungan by Jago in October 2023. Through collaboration with GoPay, part of GoTo Financial, GoPay Tabungan by Jago is a savings account product for daily transactions that can be accessed directly via the GoPay and Gojek Apps. 

“Since the beginning, Bank Jago has consistently prioritized innovation and collaboration with the digital ecosystem as our unique value proposition. Collaboration with our strategic partners, including the GoTo ecosystem, is the entry point for customers to access Bank Jago’s banking products and services,” said President Director of Bank Jago, Arief Harris Tandjung. 

The increased number of Jago App customers brought positive to the third-party funds. By the end of 2023, the total third-party funds reached IDR 12.1 trillion, growing by 46% compared to the end of 2022 of IDR 8.3 trillion. More than 65% of the third-party funds was generated from the current account and savings account (CASA) which reached IDR 7.9 trillion, while the 34.7% or IDR 4.2 trillion was from customers’ savings in time deposit. 

On loan disbursement, Bank Jago has also recorded a growth. Total number of loans at the end of 2023 had reached IDR 13 trillion, an increase of 38% from the end of 2022 of IDR 9.4 trillion. By focusing on collaboration with various partners such as digital ecosystem and platform, financing company, and other financial institutions, Bank Jago maintained its loan disbursement in a quality manner. This reflects in the low non-performing loan (NPL) gross which was 0.8% last year.

The loan growth had a positive impact on the net interest income which reached IDR 1.6 trillion in 2023. Bank Jago’s net profit after tax reached IDR 72 billion, an increase of 355% from 2022 which was IDR 16 billion. 

“Throughout 2023 we have managed to maintain positive and healthy business growth by paying attention to the existing risk potentials. This will certainly be a good momentum for us to grow sustainably in 2024,” said Arief. 

By the end of 2023, Bank Jago has managed to book assets of IDR 21.3 trillion, growing 26% from the previous year before which was IDR 17 trillion. The capital adequacy ratio (CAR) at 62%, indicated a strong level of capital to support future business expansion. 

For the purpose of fulfilling our aspiration to enhance the growth of millions through life-focused digital financial solutions, Bank Jago plays an active role in sustainable advancement of human resources in Indonesia, especially in the digital finance industry, by launching the Jago Digital Academy program in 2023. Jago Digital Academy became a platform to help digital talents develop their knowledge and skills to match the needs of the digital finance business world. 

“In building a tech-based bank, Bank Jago does not only focus on developing the technology infrastructure. We are also growing excellent human resources to continue creating innovations in the digital financial industry,” 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 

[email protected]

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