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The Key to Business Growth for Bank Jago: Innovation and Collaboration

Bank Jago Tbk, a technology-based bank with a business model that focuses on collaboration with the digital ecosystem, has achieved positive and sustainable growth up to the second quarter of 2024. The key to the success of Bank Jago’s business growth lies in innovation and collaboration.

During a virtual public expose on Thursday, August 29, Bank Jago’s CEO, Arief Harris Tandjung, emphasized the importance of innovation and collaboration with the digital ecosystem in realizing the aspiration to increase opportunities for millions of people to grow through digital financial solutions that focus on their lives.

From the beginning, Bank Jago has been committed to consistent collaboration with strategic partners. This includes the GoTo ecosystem, which consists of Gojek, GoPay, Tokopedia-TikTok, as well as the digital financial ecosystem of Bibit and Stockbit.

The collaboration with the digital ecosystem has enabled Bank Jago to acquire more than 10 million funding customers through the Jago App as of July 2024. Of this number, 66% are from ecosystem partners. When considering lending customers, the total number of Bank Jago customers reaches 12.5 million.

Furthermore, Arief mentioned that the growth of Jago App users is in line with the deposit growth, which reached Rp14.8 trillion by the end of the second quarter of 2024, a 47% increase compared to the same period last year, which was Rp10.1 trillion. Of the total deposits, 61% or Rp9.1 trillion are current account and savings account (CASA), while the remaining 39% or Rp5.7 trillion are term deposits (TD).

Through collaborations with various partners such as ecosystems, digital platforms, financing companies, and other financial institutions, Bank Jago has successfully disbursed credits amounting to Rp15.7 trillion by the end of the second quarter of 2024, a 40% increase from the same period last year, which was Rp11.2 trillion.

Arief emphasized that the credit disbursement is done with quality and a focus on caution. This is reflected in the low gross non-performing loan (NPL) ratio of 0.4%.

The growth of quality credits has driven Bank Jago’s assets to reach Rp24.2 trillion by the first semester of 2024, a 29% increase from the same period last year, which was Rp18.9 trillion. The capital adequacy ratio (CAR) stands at 50%, indicating a strong capital level to support future business expansion.

Furthermore, Arief stated that the consistency in maintaining quality business growth has also led to an improvement in Bank Jago’s profitability. By the end of June 2024, Bank Jago recorded a net profit after tax of Rp50 billion, a 23% increase from June 2023’s earnings of Rp41 billion.

„As a technology-based bank, Bank Jago will continue to innovate and collaborate with the digital ecosystem. We believe that the combination of these two factors, along with good risk management and governance, forms a strong foundation and momentum for Bank Jago to grow even bigger sustainably,“ said Arief.

In conclusion, Bank Jago’s success story showcases the power of innovation and collaboration in driving business growth and profitability in the digital era. With a focus on quality, caution, and strategic partnerships, Bank Jago is well-positioned to continue its upward trajectory in the financial industry.

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