GoTo-backed Indonesian digital lender Bank Jago posted a 32% rise in net profit after tax (NPAT) in Q3 2025 compared to the previous sequential quarter, supported by continued loan expansion and deposit growth across its digital ecosystem.
Bank Jago’s NPAT was up 100% at 72 billion rupiah compared to the corresponding period last year.
For the January–September 2025 period, NPAT jumped 132% year-on-year to 199 billion rupiah, compared with 86 billion rupiah in the same period last year, according to the company’s financial statement.
Revenue momentum remained strong, with net interest income (NII) climbing to 611 billion rupiah, a 6% increase from the previous quarter, reflecting sustained lending growth and resilient margins.
Bank Jago’s loan book reached 23.5 trillion rupiah as of Q3 2025, representing 36% year-on-year growth and 5% quarter-on-quarter from Q2. Expansion was driven by ecosystem-linked lending and working-capital financing, with digital channels continuing to serve as a key origination platform.
Third-party deposits rose to 23.9 trillion rupiah, up 41% YoY from 16.9 trillion rupiah, maintaining a loan-to-deposit ratio (LDR) of 98%. The net interest margin (NIM) was 8.1%, improving from 6.7% in Q3 2024 and holding steady versus earlier 2025 levels. Meanwhile, the cost of funds decreased from 3.4% a year ago to 4.4%, reflecting a shift toward longer-tenor time deposits.
Low NPLs aid numbers
Operating expenses stood at 424 billion rupiah, up modestly from 347 billion in Q3 2024, and rose slightly by 3.7% in the previous sequential quarter (Q2 2025), as the bank continued to invest in digital infrastructure and customer acquisition. The cost-to-income ratio improved to 58% from 77% a year earlier, signalling better operating leverage.
Loan-loss provisioning rose to 215 billion rupiah, compared to 55 billion rupiah in Q3 2024, in line with the bank’s larger lending portfolio. Despite higher provisioning, asset quality remained robust, with a gross non-performing loan (NPL) ratio of 0.4%, up slightly from 0.3% in Q2 2025, and o.2% from the same period last year but still well below the industry average. The capital adequacy ratio (CAR) held at 32.9%, reflecting a solid capital buffer to support further growth.
Bank Jago’s customer base reached 18.6 million by the end of September, including 14.5 million funding users across its Jago and Jago Syariah apps, compared with 14.1 million a year earlier. The bank attributed the increase to ecosystem collaborations and improved digital features that enhance user engagement.
During the quarter, the bank introduced several new offerings: Jago Dana Cepat, an instant unsecured cash loan designed for responsible lending; Jago Digital Pro Card, catering to digital entrepreneurs with higher transaction limits and merchant incentives; and Consolidated Asset View, allowing users to track stock and bond holdings across brokers via integration with KSEI.
“Our consistent performance demonstrates that digital innovation, supported by a strong ecosystem, can drive inclusive and sustainable growth,” said Arief Harris Tandjung, president director of Bank Jago, in a statement.
“Maintaining a balance between growth and profitability motivates us to keep innovating and collaborating, so that we can deliver digital financial solutions that improve the lives of millions of Indonesians,” Tandjung noted.
