Bank Jago Records Profit Before Tax Of IDR 20 Billion In 2022

Illustration (Photo: Doc. Antara)

PT Bank Jago Tbk recorded a profit before tax of IDR 20 billion at the end of December 2022 or grew from the same period the previous year which amounted to IDR 9 billion.

Bank Jago President Director Kharim Siregar said Bank Jago was on the right track by building strong fundamentals amid the challenges of the domestic global economy.

"We continue to monitor potential risks but continue to take advantage of every opportunity that may arise to achieve sustainable growth," he said in a media briefing in Jakarta, Friday.

The profit is obtained from a combination of credit distribution and sharia financing growth as well as growth in the collection of third party funds (DPK).

Throughout 2022, Bank Jago's lending and sharia financing grew 76 percent to Rp9.43 trillion compared to 2021 which amounted to Rp5.37 trillion.

"This growth was achieved thanks to the strategy of lending and sharia financing through collaboration with various partners (partners), such as ecosystems and digital platforms, financing companies, and other financial institutions," he added.

The distribution of credit and sharia financing is carried out carefully with the gross ratio of non-performing loans (NPL) at the level of 1.8 percent in 2022 or below the banking industry average.

"To grow quickly and solidly, we believe collaboration is the most effective way. We do it while paying attention to credit risks so that Bank Jago can grow sustainably," he explained.

In terms of funding, Bank Jago managed to collect DPK as much as Rp8.27 trillion as of the end of 2022 or an increase of 125 percent from the previous year which amounted to Rp3.68 trillion.

The increase in DPK was driven by the growth of current accounts and savings accounts (CASA) of 238 percent from IDR 1.68 trillion in 2021 to IDR 5.67 trillion in 2022.

This significant growth pushed for an increase in CASA's portion of the DPK to reach 69 percent in 2022, an increase from 46 percent in 2021.

As of the end of December 2022, Bank Jago's assets were recorded at IDR 16.97 trillion or grew 38 percent from IDR 12.31 at the end of December 2021.

"The capital adequacy ratio (CAR) is 83 percent, which shows strong capital for future business expansion," said Kharim.