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Allo, Jago, Bank Neo Commerce wrap up H1 with strong growth
Three publicly listed digital banks post massive growth in loan disbursements and revenue as more Indonesians transact digitally.
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Publicly listed digital bank Bank Jago launched a mobile app on April 15, 2021. (Courtesy of Bank Jago)
T
hree publicly listed digital banks wrapped up the first half of this year with massive growth in loan disbursements and revenue, as more Indonesians transact digitally.
Marking one of the biggest triumphs among digital banks in the first half of the year, CT Corp-backed Allo Bank saw a sevenfold increase of loan disbursement year on year (yoy).
During the same time period, GoTo-backed Bank Jago also saw a threefold increase yoy, while Akulaku-backed Bank Neo Commerce (BNC) booked an 84.2 percent increase yoy.
Bank Jago recorded Rp 641 billion (US$43.06 million) in net interest margin revenue, triple the first half of last year. BNC and Allo also managed a threefold increase to Rp 547 billion and Rp 217 billion, respectively.
Bank Jago attributed its high growth to cooperation with 34 entities such as fintech, multi finance and other digital financial institutions.
“We will continue to expand and deepen our collaboration with the financial ecosystem. This is our strategy to actively get to our customers,” Bank Jago chief executive Kharim Siregar said in a statement on July 21.
Read also: Major Indonesian banks do better than expected in H1
