Operational Expenses Swell, Bank Jago's Profit Falls in 2022

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Adi Ahdiat 27/03/2023 19:00 WIB

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Bank Jago's net profit in 2022 fell 81% year-on-year (yoy) to Rp15.9 billion, eroded by a 131% yoy surge in operating expenses to Rp1.34 trillion.

Bank Jago's Revenue, Expenses, and Net Profit (2021-2022)

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Bank Jago's Revenue, Expenses, and Net Profit (2021-2022)

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PT Bank Jago Tbk reported net revenue of Rp1.35 trillion in 2022, a 129% year-on-year (yoy) surge.

However, in 2022, the net profit of this issuer, coded ARTO, decreased by 81% (yoy) to Rp15.9 billion, eroded by a 131% (yoy) increase in net operating expenses, reaching Rp1.34 trillion.

Despite the drastic drop in profit, ARTO claims its overall bank performance continues to grow.

Third-party funds collected by Bank Jago reportedly increased by 125% (yoy) to Rp8.27 trillion. Bank Jago's disbursement of credit and sharia financing also rose 76% (yoy) to Rp9.43 trillion by the end of 2022.

"To grow rapidly and solidly, we believe collaboration is the most effective way," said Bank Jago's President Director Kharim Siregar in a press release on Friday (March 17, 2023).

"Throughout last year, Bank Jago implemented new innovations and collaborations, such as the launch of the Jago Syariah Application and the integration of the Jago Application with the application for GoFood business partners, namely GoBiz," Kharim continued.

"This year we will continue to innovate, deepen collaborations with existing ecosystems, and expand collaborations with new ecosystems so that we can offer life-centric digital financial solutions to more people," he added.

Furthermore, this year Bank Jago is again included in the LQ45 index for the February-July 2023 period. LQ45 is a list of 45 issuers selected by the Indonesia Stock Exchange (IDX) based on certain criteria, such as having a large market capitalization and high liquidity.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."