In the midst of a slowing economy, a number of digital banks still recorded profit growth in the third quarter of 2025. The slick performance of digital banks is driven by the increasing number of transactions, increasing the number of customers, and lending.
A number of digital banks such as PT Bank SeaBank Indonesia, Bank Saqu, and PT Bank Jago Tbk also recorded consistent business growth until the end of the third quarter of 2025.
SeaBank recorded many positive achievements in the third quarter of 2025, as seen in the 40% YoY increase in net profit, with profit after tax of IDR 408.5 billion. SeaBank's total assets as of September 2025 also reached IDR 39.6 trillion, an increase of 20%(YoY). The increase in assets mainly came from optimizing lending for joint financing, channeling with P2P lending , and direct lending.
SeaBank recorded loan growth of 45% YoY to Rp28.6 trillion with non-performing-loan (NPL) ratio maintained at 1.9%. Total deposits also increased by 20% YoY to IDR30.5 trillion, due to the growth of deposits in corporate current accounts and retail savings which impacted the CASA ratio to 68% from 65% YoY.
Sasmaya Tuhuleley, President Director of SeaBank Indonesia, explained that his party also continues to strive to keep its business profitable by providing a variety of safe services for its customers.
"Apart from the right and safe business strategy, the growth of SeaBank's business is also supported by the increasing trust of customers. Thank you to all customers who continue to support SeaBank, your support is our biggest motivation in presenting safe and leading-edge financial service innovations," said Sasmaya in a press statement, Friday (14/11/2025).
SeaBank Indonesia's profit improvement in Q3-2025 was also supported by the bank's operational efficiency, where the cost-to-income ratio (CIR) improved to 21.5% from 25.8%. Other ratios such as liquidity and capitalization also remained stable and strong above regulatory requirements. In addition, SeaBank by the end of September 2025 million has served 9 million transactions per day, with money turnover reaching up to Rp4.6 trillion.
Positive performance was also recorded by Bank Saqu, a digital bank owned by Astra Financial and WeLab. Since its launch two years ago, on November 20, 2023, Bank Saqu has recorded various important achievements, confirming its position as a trusted financial partner.
Bank Saqu's Chief Digital Business Officer Angela Lew Dermawan, revealed that Bank Saqu is committed to providing a modern banking experience that is easy and solutive, and acts as a catalyst for solopreneurs and business people in Indonesia.
"We believe that the role of banks in the digital era is not just a place to save, but a catalyst for individuals and businesses to grow together," Angela said in a press statement, Friday (14/11/2025).
Over the past two years, Saqu Bank has served over 3.2 million customers, of which 40% are solopreneurs. The level of customer satisfaction has also recorded a remarkable percentage, at 99% of total customers.
"In the past two years, we have seen how active and productive spirit has become part of our customers' lifestyle. We want to continue assisting them to achieve their financial goals and become the best version of themselves through financial health," he continued.
Various innovations and new services continue to be introduced by Saqu Bank to make it easier for its customers, such as through the innovation of the Tabung Matic feature, as well as joint ventures with the Invite Friends and Set Targets features. Therefore, Saqu Bank continues to strive to bring simple financial solutions to customers.
"This two-year journey is just the beginning. We will continue to deliver products, communities and ecosystems that make finance part of a fun and meaningful life," he concluded.
Technological advancements and digital payment trends have made people now prefer banking services that are practical, easy and fast to access through digital applications, without the need to visit physical outlets. However, there are a number of challenges that digital banks need to overcome in order to further strengthen their position.
Bank Jago in the third quarter of 2025, succeeded in creating a digital financial ecosystem that boosted the bank's performance in various lines. Until that period, Bank Jago had a total of 18.6 million customers, including 14.5 million funding customers using the Jago and Jago Syariah applications, which increased by 4.5 million compared to the same period last year or year-on-year (YoY).
Arief Harris Tandjung, President Director of Bank Jago, said the increase in the number of funding customers was also in line with the collection of third party funds (DPK) which reached IDR 23.9 trillion by the end of September 2025. This amount also increased by 41% or Rp17 trillion(YoY).
"These positive results are clear evidence that our innovations and collaborations with various digital financial ecosystems are able to provide added value to customers. Through the digital financial solutions we provide, many customers are helped to manage their finances and lives better," said Arief.
In addition, in terms of lending, Bank Jago has recorded loans of Rp23.5 trillion by the end of September 2025, which grew 36% percent YoY. Bank Jago's total assets as of September 2025 also rose 28% YoY to Rp34.5 trillion.
The combination of positive deposits and loan growth at Bank Jago also led to a 132% YoY increase in net profit after tax through September 2025 at Rp199 billion.
Bank Jago demonstrates healthy liquidity and strong capitalization, with its loan to deposit ratio (LDR) at 98% and capital adequacy ratio (CAR) at 32.9%.
"We are grateful to be able to maintain a balance between growth and profitability in a sustainable manner. This continues to motivate us to innovate and collaborate to provide digital financial products and services that can improve the lives of millions of customers in Indonesia," he explained.
Advantages of low-cost funds
Nailul Huda, Director of Digital Economy at the Center of Economic and Law Studies (Celios), believes that there are a number of factors that support the performance of digital banks in the third quarter of 2025, one of which plays an important role is the aggressiveness of digital banks in finding customers through cheap funds.
"Low-cost funds are still the target of digital banks, especially those that have recorded relationships with other digital ecosystems. Financing growth also rose along with the increasing demand for alternative financing. With an easier process, I see that financing through digital banks is more sought after," said Huda.
Even so, the increase in digital bank performance in terms of credit growth to the number of customers is said to be accompanied by developments in terms of quality. Huda explained that there are still risks in terms of funding quality such as bad debts that can increase.
"In addition, by still relying on promos, funding efficiency and customer recruitment are still homework. These risks should be seen by digital banks because they are still not optimal," he continued.
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Digital banks, with their convenience, have not yet become the main bank for customers. Customers still need personal interaction or transaction reliability at conventional banks for certain financial needs.
"Digital banking is still constrained, in that it is not yet the main banking account. By only wanting promos, customers only use it for payments once or twice. The digital bank function is no more than a digital wallet for some customers," he concluded.
