Jaiz Bank Increases Revenue To N26bn

Jaiz Bank has increased its gross earnings to N25.8 billion for the financial year 2021, as against N19.6 billion reported in the corresponding period of 2020.

The non-interest bank, according to its audited earnings report issued on Thursday, was able to achieve the feat due to the considerable growth in its key performance indicators.

The bank also, reported a Profit Before Tax of N4.4 billion, representing an increase of 42.6 per cent, compared to the previous year’s PBT figures, while its profit for the year enlarged from N2.9 billion to N4.3 billion, surging by almost half.

Within the period, the asset value of Jaiz Bank, which operates under an Islamic banking model, increased 19.6 per cent to N279.3 billion.

The board has proposed a dividend payment of N0.04 per share, which compares with the N0.03 paid for 2020.

Last February, Jaiz Bank secured a $25 million line of financing from Islamic Corporation for onward disbursement to small and medium enterprises in the Nigerian private sector.

Shares in Jaiz Bank closed trade on Lagos Custom Street on Thursday at N0.68 per unit, recording no movement