Gojek-backed Bank Jago doubles revenue to $24m for Q3

Gojek-backed Bank Jago posted 379 billion rupiah (around US$24.3 million) in interest income for the third quarter of 2022, almost double compared to the same period last year.

However, its interest expense widened by 2.2x year on year to US$2.4 million. This played a part in the company logging US$750,000 in net profit for the quarter, an 18% drop compared to a year ago.

The main engine for the bank’s growth is its network of partnerships for disbursing loans, spanning 38 companies and financial firms. These include Atome, Home Credit, BFI Finance, and Carsome.

These loan disbursements for the reported quarter rose to US$523 million, an over 2x growth year on year. Around a third of these loans came from Bank Jago’s Shariah unit.

In the same period, the bank’s total assets also increased by 44% to US$1 billion.

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

Bank Jago’s current account savings accounts, which is an offering that combines both types of accounts, also increased more than 5x to US$330 million compared to the same period last year. It currently covers 71% of Bank Jago’s total cash in customers’ savings, which translates to around US$467 million.

Its total users also increased from 3 million at the end of last quarter to 4.2 million for Q3.

Currency converted from Indonesian rupiah to US dollar: US$1 = 15,570 rupiah.