Eight of the nine listed Indonesian digital banks posted full-year net profits in 2025. The press coverage has treated this as vindication for the digital-banking model. The return on assets numbers tell a quieter story. SeaBank’s 2.3% ROA and 11.5% ROE are the only ones in the cohort that look like a conventional Indonesian retail bank. The rest of the profits are thin, base-effect driven, or both.
The cohort lines up like this. SeaBank posted IDR 678.4 billion in net profit, up 79% year on year, on assets of IDR 44.4 trillion and third-party funds of IDR 34.8 trillion. Bank Jago crossed IDR 276 billion, up 115%. Allo Bank reached IDR 574 billion, up 23%, with a NIM of 10.1% and an ROA of 4.9%. Superbank flipped from a IDR 366 billion loss to a IDR 99.7 billion profit, its first profitable year, and IPO’d in December 2025 raising IDR 2.79 trillion. Bank Neo Commerce printed IDR 565.7 billion, a 27-fold jump from a tiny IDR 19.88 billion base. Bank Aladin Syariah went from a IDR 73.7 billion loss to IDR 150.7 billion in profit. Blu by BCA Digital made IDR 213.4 billion. Krom Bank closed at around IDR 143 billion. Bank Raya and LINE Bank by Hana sit inside their parents’ segment disclosures rather than as standalone listed entities.
The ROA gap is the real read
SeaBank’s IDR 678 billion on IDR 44.4 trillion in assets gives a return on assets of 2.3% and return on equity of 11.5%, both inside the range a conventional Indonesian retail bank would publish. Superbank’s IDR 99.7 billion sits on roughly IDR 24 trillion in assets, an ROA below 0.5%. Allo Bank’s headline 4.9% ROA looks high but rides a 56% jump in third-party funds against equity of IDR 7.5 trillion, which inflates the per-asset ratio against a still-small loan book of IDR 9.1 trillion. Bank Neo Commerce and Bank Aladin’s profits are inflated by 2024 base effects, IDR 19.88 billion and a loss respectively, and are not compounding numbers yet. The aggregate profitability picture is real. The aggregate quality of those profits is not.
Where the Indonesian Digital Bank FY2025 break came from
Three factors did most of the work and none of them is Indonesian digital bank-specific. Bank Indonesia cut its policy rate through 2024 and 2025, which compressed deposit funding costs across the cohort. The 2024-2025 reset in retail credit cost of risk released provisions that had built up during the BNPL stress cycle. Aggregate banking sector third-party funds grew about 7% in 2025, and digital banks captured a disproportionate share via promotional deposit rates. None of the three factors is durable, and the FY2026 comparison will have to be made against a tougher rate environment and a thinner provisioning release.
Parent distribution still matters. SeaBank rides Shopee distribution. Bank Jago is integrated into GoTo. Allo Bank channels CT Corp’s retail and content footprint. Bank Neo Commerce sits in the Akulaku BNPL funnel. Krom Bank rides Kredivo. Superbank has Emtek, Grab and Kakao Bank as shareholders. The parent-distributed operators have the cleanest path to compounding ROA because the parent absorbs customer-acquisition cost. The standalone profits that printed in 2025 owe more to the rate cycle than to the operating model. Bank Aladin Syariah is the closest thing to a true standalone in the profitable cohort of Indonesian digital banks, and its IDR 150.7 billion on IDR 14.4 trillion in assets is an ROA of 1.0%. That is the number to watch as rates stabilise.
What to look for in FY2026 Indonesian digital bank returns
The interesting comparison for Indonesian digital banks through 2026 is which of the eight can hold ROA above 1.5% on a tougher cost-of-funds curve. SeaBank starts with the largest margin and the captive Shopee deposit funnel. Bank Jago and Allo have parent support and a credible compounding case. Bank Neo Commerce starts FY2026 with a fresh OJK sanction disclosed in March 2026, which raises supervisory cost going into the BNPL launch the bank has flagged for mid-year. Superbank’s FY2026 ROA test runs against a much larger equity base after its IDR 2.79 trillion IPO raise, and the sub-0.5% starting point gives it limited room. The rest sit inside a corridor where one bad provisioning cycle or one promotional-deposit rollback could move them back into losses. Profit arrived for eight banks in 2025. SeaBank is the only one with the return profile of an established retail bank, and the FY2026 results will say whether the cohort had a one-year tailwind or a structural turn.