Jaiz bank records N1.85bn profit in 9 months

Jaiz bank records N1.85bn profit in 9 months

Philip Clement, Abuja

Nigeria’s leading non- interest bank, Jaiz Bank Plc has boosted its profit by 47.7 per cent to N1.85bn, an increase from the N1.25bn recorded in the nine months of 2019, Daily Times reports.

The rise comes despite the impact of the Covid- 19 on the different sectors of the Nigerian economy.

Jaiz Bank made the disclosure  in its nine months period  unaudited Financial Statement for the year, recently released.

Based on the report, profit before tax grew by 44 per cent to N2.1bn, against the N1.47bn recorded in the corresponding period of 2019.

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The bank said its revenue grew by 45.71 per cent to N13.65bn compared to the N9.37bn recorded in the same period of 2019.

The bank’s assets also grew to N210bn, up by 25.67 per cent from the  N167bn recorded in the first nine months of 2019.

In the third quarter alone, the bank recorded N678.2m as profit after tax, up from the N479.8m reported in the Q3 of 2019.

The bank also disclosed that tax expenses rose N276.39m in the nine months of 2020. This is higher than the N220.62m recorded in the same period of 2019.

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