Bank Jago's Net Profit Surges Past Rp50 Billion by Q3 2023

During the January-September 2023 period, PT Bank Jago Tbk (ARTO) recorded a net profit of Rp50.29 billion, a 24% year-on-year (yoy) increase compared to Rp40.57 billion in the same period last year.

This positive performance was supported by net interest and sharia income, which reached Rp1.2 trillion by the end of Q3 2023. This revenue increased by 23% (yoy) compared to the same period last year, which recorded Rp984 billion.

Meanwhile, during January-September 2023, ARTO's interest expense increased by 119.49% (yoy) to Rp210.80 billion, and sharia expense increased by 242.76% (yoy) to Rp16.59 billion.

Bank Jago's President Director, Arief Harris Tandjung, stated that ARTO's growth in Q3 2023 was driven by a significant increase in the number of customers and third-party funds (DPK).

The number of Bank Jago customers has reportedly reached 9 million, including 7.4 million funding customers of the Jago application, which shows a 76% (yoy) growth.

In terms of bank funds, Bank Jago's DPK reached Rp10.3 trillion by the end of Q3 2023, a 14% (yoy) increase.

Current account savings accounts (CASA) dominated DPK at 73%, while the remaining 27% consisted of deposits.

"The growth in the number of customers and DPK reflects the results of Bank Jago's commitment to continuous innovation and strengthening collaboration with the digital ecosystem," said Arief in his official statement on Friday (27/10/2023).

In terms of intermediation, during the January-September 2023 period, Bank Jago disbursed Rp10.9 trillion in credit. This represents a 33% (yoy) increase from the Rp8.2 trillion disbursed in the same period last year.

"In credit disbursement, we still prioritize collaboration with various partners, such as digital ecosystems and platforms, financing companies, and other financial institutions," explained Arief.