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Bank Jago reports $16.3m profit in 2025
PT Bank Jago Tbk reported a net profit after tax of 276 billion rupiah (US$16.3 million) for 2025, up 115% from 129 billion rupiah (US$7.6 million) a year earlier.
Arief Harris, president director, said the result was driven by a rise in customers, third-party funds, and loan disbursements.
The bank said its customer base reached 18.2 million at end-2025, up from 15.3 million, with about 14.2 million funding customers using the Jago and Jago Syariah apps.
Third party funds rose to 25.9 trillion rupiah (US$1.5 billion) at end-2025 from 18.8 trillion rupiah (US$1.1 billion) and loans reached 24.3 trillion rupiah (US$1.4 billion) from 17.7 trillion rupiah (US$1.04 billion), which the bank said was supported by partnerships and the in-app Jago Dana Cepat quick-loan feature.
Total assets climbed to 36.5 trillion rupiah (US$2.2 billion), up 28% year-on-year, while loan to deposit ratio stood at 94% and CAR fell to 31.63% from 44.4%.
Gross non-performing loans were 0.6%, which the bank said was lower than the national banking industry average.
🧠 Food for thought
Implications, context, and why it matters.
Higher funding costs weigh on profitability
- Annual profit rose, yet nine-month 2025 earnings fell short of internal targets and consensus analyst estimates 1.
- Cost of Funds (CoF), the interest rate the bank pays to fund itself, climbed to 4.5% amid reduced deposit insurance coverage; management expects pressure to ease from Sep 2025 1.
- Funding mix moved away from low-cost current and savings accounts (CASA), which slipped to 48% 1.
- The shift leaves more loan growth funded by pricier time deposits, which softens the message from the headline profit number 1.
Bank Jago model underlines embedded finance potential in Indonesia
- Results back an embedded finance approach that puts banking services inside a non-financial platform such as the Gojek app (a ride-hailing and delivery app in Indonesia) 2.
- The tie-up reaches customers across the GoTo ecosystem; Gojek said in 2020 it would hold around 22% of Bank Jago after its investment 3.
- For GoTo Financial/GoPay (GoTo’s digital payments business and e-wallet), adding a Bank Jago account inside Gojek lets users open fee-free Jago accounts in-app and move funds between GoPay and Jago without top-up fees 2.
- The setup offers a path for tech platforms to distribute financial services in markets with large unbanked and underbanked populations 2.
Recent Bank Jago developments
🔗 Source: Kontan
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