Heaptalk, Jakarta — PT Bank Jago Tbk sustained strong business growth through the third quarter of 2024. Driven by continuous innovation and deepened collaboration within the digital ecosystem, Bank Jago achieved substantial progress in its customer base, third-party funds (DPK), and lending performance.
By the end of Q3 2024, Bank Jago’s funding customers via the Jago App surpassed 11.1 million. Including lending customers, the bank’s total customer base reached 14.1 million. Of the Jago App’s funding customers, over 67% came from ecosystem partners, notably the GoTo ecosystem and the Bibit online mutual fund platform, seamlessly integrated with the Jago App.
“We believe that collaborating within the digital ecosystem, incorporating digital innovations, and implementing sustainable business and fundamental strategies are the right model to foster Bank Jago’s growth,” stated Bank Jago’s President Director, Arief Harris Tandjung.
The increase in Jago App users was mirrored in Bank Jago’s DPK collection, which reached Rp16.9 trillion by the end of Q3 2024, a 64% rise from Rp10.3 trillion in a similar period last year. Of this total DPK, 57%, or around Rp9.6 trillion, consisted of current accounts and savings accounts (CASA), while the remaining 43% (equal to Rp7.3 trillion) was allocated to term deposits (TD).
Through partnerships with digital platforms, financing companies, and other financial institutions, Bank Jago successfully disbursed Rp17.3 trillion in loans as of Q3 2024, reflecting a 59% increase from Rp10.9 trillion in the same period last year.
Lending activities prioritized quality and prudence, as evidenced by the bank’s low gross non-performing loan (NPL) ratio of 0.2%. This focus on quality growth propelled Bank Jago’s assets to Rp26.8 trillion as of September 2024, marking a 40% increase from Rp19.1 trillion in the same period last year. Additionally, a capital adequacy ratio (CAR) of 45.6% underscored the bank’s solid capital position, supporting future business expansion.
Consistently maintaining quality and sustainable growth has further strengthened Bank Jago’s profitability. By September 2024, the bank recorded a net profit after tax of Rp86 billion, a 71% increase from Rp50 billion in September 2023.
“As a tech-driven bank, Bank Jago has effectively sustained and grown profitability without sacrificing growth quality or requiring excessive capital investment. Moving forward, we remain committed to collaboration and innovation, offering foundational and unique features that define the Jago experience,” Arief concluded.
