Bank Jago Now Has 10 Million Users, Gopay and Bibit Contribution Reaches 66 Percent

PT Bank Jago Tbk (ARTO) recorded business growth in the first semester of 2024. Prioritizing innovation and collaboration with the digital ecosystem, the company succeeded in achieving positive results in terms of number of customers, third party funds (DPK), and credit distribution.

Until July 2024, Jago application users have reached more than 10 million customers funding. If added with customers loans, Bank Jago's total customers reached 12,5 million. This success cannot be separated from the significant contribution of strategic ecosystem partners, such as the GoTo ecosystem (especially Gopay) and mutual fund platforms online Seedlings. Around 66% of customers funding came from partners of this ecosystem.

The growth in Jago application users is also in line with the increase in deposits which reached IDR 14,8 trillion at the end of the second quarter of 2024, growing 47% compared to the same period the previous year of IDR 10,1 trillion. Of the total DPK, 61% or around IDR 9,1 trillion was current account and savings account (CASA), while the remaining 39% or IDR 5,7 trillion is deposit terms.

In terms of credit distribution, Bank Jago succeeded in disbursing IDR 15,7 trillion by the end of the second quarter of 2024, an increase of 40% from the same period last year of IDR 11,2 trillion. This credit distribution is carried out with the principle of prudence, as evidenced by the low ratio non-performing loans big which is only 0,4%.

"As a bank that combines digital methods with a strong business strategy, Bank Jago maintains positive business growth and good quality. Innovation and collaboration with the digital ecosystem is the right business model for us," said Bank Jago President Director, Arief Harris Tanjung.

This quality credit growth has also pushed Bank Jago's total assets to IDR 24,2 trillion per semester I-2024, an increase of 29% from the same period last year of IDR 18,9 trillion. Capital adequacy ratio or capital adequacy ratio (CAR) reached 50%, showing the strength of Bank Jago's capital to support future business expansion. Until the end of June 2024, Bank Jago posted a net profit after tax of IDR 50 billion, growing 23% from IDR 41 billion in June 2023.

Arief added, "As a technology-based bank, we will not stop innovating and collaborating with the digital ecosystem. The combination of innovation and good risk management is a strong foundation for Bank Jago to grow even higher."

Other than that, Jago Bank also gained international recognition. In April 2024, Forbes placed Bank Jago on the list of 403 best banks in the world, and number four in Indonesia. This recognition was given based on a survey of 49 thousand customers from 33 countries, which evaluated the level of trust, customer service, digital services, and terms and conditions.

"With the innovation and collaboration that we have carried out, the Jago Application is now used by millions of customers and helps them achieve their dreams," said Head of Consumer Business at Bank Jago, Trio Lumbantoruan.

With this achievement, Bank Jago shows that its digital and collaborative approach is able to answer the challenges and needs of modern banking, and continues to strengthen its position as one of the leading banks in Indonesia.

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Disclosure: This article was produced with AI technology and supervision of the content writer