Best Digital-Only Bank - Indonesia is Allo Bank
This digital with over 5 million users, recorded an average monthly added user of 714,000, displaying a rapid growth among other digital banks in Indonesia. It also leads in terms of profitability, boasting the highest Return on Equity (ROE) at 9%. Additionally, with a loan to deposit ratio of 163%, as they appear to be aggressive in terms of lending with higher gains in mind.
This bank is recorded to have $389 million (IDR 5.8 trillion) in total funding and has a boasting 153% year-on-year growth in its gross revenue for 2022, taking the lead in terms of profitability among other digital banks.
Coupled with its strong customer growth, and financial performance, the Best Digital-Only Bank in Indonesia is Allo Bank.