Research
Bank Jago (ARTO IJ): To grow cautiously
Bank Jago (ARTO IJ)
Not rated
Analyst: Yap Swie Cu
To grow cautiously
• Continued expansion of scale ...
• … but at a more moderate pace
• Keeps liquid assets – Lending to follow funding expansion
• Enhances synergies
• Defends its margin
• Manageable loan quality
• Challenging environment puts pressure on valuation