I assume main problems are: how to get particular character of bash variable and how to perform addition in bash.
To obtain a char from bash variable you can use this form:
${var:START_INDEX:LENGTH}
.To perform addition:
$((ARG1 + ARG2))
Your resulting script may be like that:
#!/bin/bash
for f in *.jpg
do
output=${f:0:1}${f:1:1}$((${f:2:1} + ${f:3:1})).jpg
mv -- "$f" "$output"
done