GoTo-backed digital lender Bank Jago has posted a 355% increase in its net profit for 2023. In an unrelated development, Indonesian conglomerate PT Astra International Tbk said it plans to expand its electric vehicle business ecosystem.
GoTo-backed Bank Jago posts $4.6m net profit in 2023
Digital lender PT Bank Jago Tbk, which is backed by the IDX-listed tech giant GoTo, saw its profit increase in 2023 on the back of growing net interest income, according to an announcement.
For the year ended Dec. 31, 2023, Bank Jago booked 72 billion rupiah ($4.55 million) in net profit, up 355% compared with 16 billion rupiah in the same period last year. The growth was mostly on account of a 15.7% growth in net interest income to 1.6 trillion rupiah in 2023 from 1.35 trillion rupiah in the previous year.
Bank Jago’s loan disbursement also increased 38% to 13 trillion rupiah last year, compared with 9.4 trillion in 2022. The loans were disbursed under careful consideration, as evidenced by the low non-performing loan (NPL) ratio of 0.8%.
The lender’s deposits grew 46% to 12.1 trillion from 8.3 trillion in 2022. Over 65% of it is from current account savings accounts (CASA), which were contributed by over 10 million customers of Bank Jago.
Astra expands EV ecosystem services
Indonesian conglomerate PT Astra International Tbk plans to expand the ecosystem services of its electric vehicle business by adding 11 new lines of businesses including EV batteries, EV battery swap stations, electric power sales, operation of electricity generation installations, and other supporting activities.
Astra has marketed six battery electric vehicle (BEV) models, and 13 hybrid electric vehicle (HEV) four-wheeler models under Toyota, Lexus, and BMW brands. Aside from this, Astra also sells two-wheeler EVs under the Honda brand.
In 2023, Astra booked a 17% increase in net profits to 33.83 trillion from 29 trillion rupiah in 2022. There was also a 5% growth in revenue to 316.56 trillion in the year, compared with 301 trillion rupiah in 2022. The revenue was sourced from mining, automotive, financial services, agribusiness, infrastructure and property.