Indonesian digital bank Bank Jago has recorded a 78% increase in profit for the full year of 2024 while investment firm Saratoga Investama Sedaya returned to profitability during the year after posting losses in 2023.
Bank Jago’s profit grows 78%
Bank Jago recorded a net profit of 129 billion rupiah for the full year of 2024, up 78% from 72 billion rupiah in the Jan-Dec period of 2023.
The rise in profit was driven by strong performance in net interest and sharia income at 1.55 trillion rupiah and other operating income at 290 billion rupiah in 2024, as against 1.56 trillion rupiah and 197 billion rupiah respectively in 2023, according to Bank Jago’s financial statements to the Indonesia Stock Exchange (IDX).
The net interest and sharia income was supported by a 36% growth in loan disbursement, which reached 17.7 trillion rupiah in 2024, up from 13 trillion rupiah in 2023. Bank Jago also maintained a low non-performing loan (NPL) ratio of 0.2%.
In 2024, Bank Jago’s customer base grew to 15.3 million, a 50% increase from 8.1 million in 2023. Growth in customer base positively impacted the bank’s total deposits, which rose to 18.8 trillion rupiah in 2024, compared to 12.1 trillion rupiah in 2023.
The primary contributors to deposits were current accounts and savings accounts (CASA), accounting for 53%, while the remainder came from time deposits.
Saratoga’s return to profitability
Saratoga reported a net profit of 3.3 trillion rupiah for the full year of 2024 (Jan-Dec), after recording a loss of 10.15 trillion rupiah in the same period of 2023, according to the company’s financial statements submitted to the IDX.
The main contributors to this profit were net gains on investments of 1.47 trillion rupiah and dividend and interest income of 3.85 trillion rupiah in 2024.
Saratoga also recorded a 10.5% increase in net asset value (NAV), reaching 54 trillion rupiah in 2024, compared to 49 trillion rupiah in 2023. This NAV growth was driven by key portfolios, including Indonesian energy firms Adaro Andalan Indonesia and AlamTri Resources Indonesia, as well as telecom tower operator Tower Bersama Infrastructure.
Saratoga’s investment director Devin Wirawan highlighted the company’s strong cash flow of 4.5 trillion rupiah, enabling it to sustain its investment strategy. One of Saratoga’s key investments in 2024 was the acquisition of Brawijaya Healthcare.
Looking ahead, Saratoga plans to continue investing in healthcare and renewable energy. “We typically allocate $100–150 million annually for capital investments. Our focus remains on businesses with strong fundamentals and long-term value creation potential,” a company spokesperson told DealStreetAsia.
