Home Finance & Economy JAIZ Bank posts N2.4bn profit in one year

JAIZ Bank posts N2.4bn profit in one year

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Jaiz Bank Plc, Bank in Nigeria has declared a Profit After Tax of N2.4billion for the period ended December 31st, 2019.

The Nigeria’s premier non-interest (Islamic) made this disclosure in its 2019 Audited results for the period under review.

A breakdown of the figure from the company’s financial result submitted to the Nigerian Stock Exchange (NSE) showed that the bank increased in its PAT by a whopping 193 per cent from N834.4million recorded in the corresponding period of 2018.

Also, the Bank declared a 135 per cent growth in Profit Before Tax (PBT) of N879.7million to N2.1billion as at December 31st 2019, as against the figure declared December 31st 2018.

Similarly, the non-interest bank’s report showed that Gross Income grew by 80 per cent to N13.5billion as at December 31st 2019 from N7.5billion in the previous year, while the Bank’s Total Assets also grew by 54 per cent to N167.27 billion from N108.46 billion.

Attesting to the increasing public interest in Islamic finance products, the earning per share of the Bank surged up to 8.30 kobo per share as against 2.83 kobo per share in 2018, signifying an increase of 193 per cent.

Commenting on the impressive performance, the Managing Director/Chief Executive Hassan Usman said, “the major driving force was the deliberate efforts to satisfy our customers, which was evident in the significant growth in the deposit base and risk asset portfolio.”

During the year under review, the Bank deepened its support for the MSME sector with targeted intervention to meet diverse needs of small-scale bourgeoning entrepreneurs.

The Bank also invested more on IT infrastructures, improved its E-banking channels that made it easier for customers who prefer to bank on the move than through the mundane visitations to banking halls.

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