Bank Jago Recorded a Net Profit IDR 72 Billion in 2023

KONTAN.CO.ID - JAKARTA. PT Bank Jago Tbk recorded a positive financial performance throughout 2023 with a net profit after tax of IDR 72 billion, an increase of 355% from IDR 16 billion in 2022.

Bank Jago's President Director, Arief Harris Tandjung, said that this positive performance is expected to spur Bank Jago's growth in 2024.

"Throughout 2023, we were able to maintain positive and healthy business growth by considering potential risks. This will certainly be a good momentum for us to grow sustainably in 2024," Arief wrote in an official statement, Friday (22/3).

This positive achievement was supported by net interest income of IDR 1.6 trillion. This figure grew by 15.7% yoy from the same period last year, which was IDR 1.35 trillion.

In line with this increase, Bank Jago's credit distribution also increased by 38% to IDR 13 trillion compared to IDR 9.4 trillion in 2022.

Arief explained that the continuous growth in credit distribution is thanks to consistent innovation and collaboration with various partners, such as digital ecosystems and platforms, financing companies, and other financial institutions, Bank Jago's credit distribution is still carried out qualitatively.

Therefore, the quality of Bank Jago's assets is still maintained with a gross non-performing loan (NPL) ratio of 0.8% last year.

From the funding side, Bank Jago also experienced growth, where at the end of 2023 the amount of DPK reached IDR 12.1 trillion or grew by 46% compared to the achievement at the end of 2022 which was IDR 8.3 trillion.

More than 65% of the DPK comes from current account and savings account (CASA) reaching IDR 7.9 trillion while 34.7% or IDR 4.2 trillion is customer deposits in the form of deposits.

This DPK growth is inseparable from the increasing number of customers who have been successfully acquired. At the end of 2023, the number of Bank Jago customers reached 10.2 million customers, including 8.1 million funding customers using the Jago Application.

The number of Jago Application users increased by 3 million customers, compared to the position at the end of 2022 which was 5.1 million customers.

Along with the positive increase, Bank Jago managed to book assets of IDR 21.3 trillion or grew by 26% from the previous year which was IDR 17 trillion. The capital adequacy ratio (CAR) reached 62%, indicating a strong level of capitalization to support future business expansion.