Heaptalk, Jakarta— PT Bank Jago Tbk recorded positive financial performance by attracting 10.2 million customers, including 8.1 funding customers using the Jago application. The number of its users also increased by up to 3 million, compared to only 5.1 million consumers in 2022.
The increased number of mobile application users delivered positive output to the third-party funds. According to its financial report, the total third-party funds attained USD 767 million, which improved by 46% compared to the end of 2022, worth USD 526 million. The company noted that more than 65% of its third-party funds were generated from the current savings accounts (CASA), attaining USD 500 million. Meanwhile, around 34.7%, approximately USD 266 million, derived from customers’ savings in time deposits.
“Bank Jago has consistently prioritized 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 products and services,” affirmed the President Director of Bank Jago, Arief Harris Tanjung.
To maximize its business performance, Bank Jago launched GoPay Tabungan by Jago in collaboration with GoTo as of October 2023. This service is a savings account product for daily transactions that can be accessed directly via the GoPay and Gojek Apps.
On loan disbursement, this banking company also recorded total loans of up to USD 823 million, an increase of 38% from last year. By focusing on strategic cooperation with various partners, such as a digital ecosystem and platform, financing company, and financial institutions, Jago retained its loan distribution in a quality manner, reflected in its low non-performing loan (NPL) gross at 0.8% in 2023.
The loan growth delivered a positive result, with its net income touching USD 101 million in 2023. Meanwhile, its net profit after tax reached USD 4.5 million last year. Bank Jago has also closed its assets worth USD1.35 billion, enhancing 26% from the previous year, when it was only USD 1.1 billion. The capital adequacy ratio (CAR) also reached 62% last year.
“Throughout 2023, we have maintained positive and healthy business enhancement by focusing on the existing risk potentials. This will certainly be a good momentum for us to grow sustainably in 2024,” added Arief.
