Gojek-backed Bank Jago posts 3x jump in revenue to $24m for Q2 2022

Gojek-backed Bank Jago posted 358 billion rupiah (around US$23.9 million) in interest income for the second quarter of 2022, an over 3x growth compared to the same period last year. Meanwhile, its interest expense widened by 2.5x year on year to US$2.3 million.

Photo credit: Bank Jago

However, compared to the last quarter, the Indonesia-based digital bank’s interest expense saw a higher increase than its interest income. Combined with slightly larger operational expenses, the company reported a drop in net profit to around US$670,000 in Q2, which is half of the figure for the previous quarter.

However, it’s still a better result than the same period last year, when the digibank posted a loss.

The main engine for the bank’s growth is its partnerships with 34 companies and financial firms for disbursing loans such as Atome, Home Credit, BFI Finance, and Carsome.

Bank Jago also recorded an almost 3.5x year-on-year surge in loan disbursements for the quarter, rising to US$485 million. Around a third of its loan value came from its Shariah unit.

In the same period, Bank Jago’s total assets also increased by 45% to US$975 million.

See also: How Gojek-backed Bank Jago is taking on Sea, Akulaku’s digibanks

The number of current account savings accounts, which is an offering that combines both types of accounts, also increased more than 7x to US$260 million compared to the same period last year. It currently covers 63% of Bank Jago’s total cash in customers’ savings, which translates to around US$407 million.

Its total users also increased from 2.3 million at the end of last quarter to 3 million for Q2.

Currency converted from Indonesian rupiah to US dollar: US$1 = 14,976 rupiah.