Bank Jago Shares Hit All-Time High of Rp 18,375 Amidst Investor Demand

Shares of PT Bank Jago Tbk (ARTO) continue to be sought after by investors, both local and global. Bank Jago's share price even reached its highest level of Rp 18,375 per share on July 29, 2021. This figure surged more than fivefold (415.27%) from its position at the end of December 2020.

Previously, Gojek and GIC Singapore had injected funds into Bank Jago. Now, Ribbit Capital is also investing in one of Indonesia's digital banks.

The entry of these new investors indicates the significant prospects of Bank Jago's business in the era of digital banking services going forward. Bank Jago's share price was at Rp 14,750 per share on Thursday, October 21, 2021. This price has increased more than fourfold (313.62%) compared to the end-of-2020 price of only Rp 3,566.11/share.

The soaring share price of Bank Jago is due to investors' high expectations for the bank's business prospects. This occurred after Bank Jago underwent a transformation into a digital bank. In terms of financial performance, Bank Jago's losses shrank by 68.9% to only Rp 32.94 billion at the end of Q3 2021, compared to Rp 106.4 billion at the end of Q3 2020. The reduction in Bank Jago's losses was supported by the growth of net interest income by 640.27% to Rp 317.55 billion by the end of the third quarter of 2021, compared to only Rp 42.9 billion in the third quarter of 2020.

Bank Jago's assets jumped more than fivefold (403.6%) to Rp 10.98 trillion during the January-September 2021 period, compared to only Rp 2.18 trillion at the end of December 2020. The increase in assets is in line with the increase in the company's equity by 559.95% to Rp 8.13 trillion during the period from Q1 to Q3 2021 from its position at the end of 2020.

Meanwhile, Bank Jago's liabilities increased by 200% to Rp 2.8 trillion in the first nine months of 2021 from Rp 947.54 billion at the end of last year.