Bank Jago’s Profit Soars, Fueled by Interest Income, User Growth

PT Bank Jago, an Indonesian digital lender, more than doubled profit in the first nine months of the year, driven by a surge in interest income amid growing app usage.

Net income rose to 199.13 billion rupiah ($12 million) for the January-September period, a significant jump from 85.84 billion rupiah the year before. Net interest income and operating profit jumped 65% and 63%, respectively on the back of a 36% increase in lending. Funding balances, which represent the total amount of funds raised from its customers, jumped 41%.