JAIZ bank declares N2.4bn profit after tax — Daily Times Nigeria

JAIZ bank declares N2.4bn profit after tax

Jaiz Bank Plc, Nigeria’s premier non-interest (Islamic) Bank in Nigeria has declared a Profit After Tax of N2.4bn.

This was contained in its 2019 Audited results for the period ended December 31st, 2019.

The figure represents an increase of 193% from N834.4m realized in the corresponding period of 2018.

In the report submitted to the Nigerian Stock Exchange (NSE), the Bank declared a 135% growth in Profit Before Tax (PBT) for the period under review from N879.7m as at December 31st 2018 to N2.1bn as at December 31st 2019.

Key extracts of the report showed that Gross Income grew by 80% to N13.5bn as at December 31st 2019 from N7.5bn in the previous year, while the Bank’s Total Assets also grew by 54% to N167.27bn from N108.46bn.

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%.

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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