GoTo-backed Indonesian digital lender Bank Jago saw its net profit almost triple to 60 billion rupiah in Q1 2025 from 22 billion rupiah in Q1 2024, driven by robust loan disbursements, strong customer acquisition, and solid deposit growth, according to an announcement on Friday.
The bank’s total assets grew 44% year-on-year (yoy) to 32.5 trillion rupiah during Jan-March 2025, supported by a 42% jump in loan disbursements to 20.3 trillion rupiah during the quarter from 14.3 trillion rupiah in Q1 2024. This growth was driven by strategic collaborations with partners in the digital ecosystem, financing companies, and other financial institutions.
Bank Jago also saw strong momentum on the funding side. Its deposits grew 62% yoy in Q1 2025 to 21.4 trillion rupiah. The composition of current accounts and savings accounts (CASA) accounted for 54% or 11.5 trillion rupiah, while term deposits made up 46% or 9.9 trillion rupiah.
By the end of Q1, Bank Jago served 16.3 million customers, including 13 million funding users via the Jago App—an increase of 4 million users from Q1 2024.
“With global economic uncertainty, we strive to keep the bank’s performance on a healthy growth path while managing potential risks,” said Bank Jago president director Arief Harris Tandjung said in a statement.
Despite the expansion, the bank maintained a gross non-performing loan (NPL) ratio of just 0.3%, well below the national average. Bank Jago’s capital adequacy ratio (CAR) stood at 36.4%, indicating ample capital for future business expansion, while its loan-to-deposit ratio was a healthy 94%.
“This achievement proves that Bank Jago remains focused on growing as a technology-based bank driven by innovation, collaboration, strong fundamentals, and prudent risk management,” Arief added. “In a challenging environment, we stay cautious while actively seeking sustainable growth opportunities.”
Founded in 1992 under the name Bank Artos Indonesia, the lender rebranded as Bank Jago in 2019. Its majority shareholders are PT Metamorfosis Ekosistem Indonesia and Wealth Track Technology Limited, with GIC Private Limited and GoTo Financial joining as shareholders in 2020.
