Islamic Lender Jaiz Bank Posts Sky-High Earnings Growth
Islamic lender, Jaiz Bank Plc, posts a sky-high earnings growth in the third quarter of the financial year 2021 despite a tough operating environment.
In its recently released financial results for the third quarter ended 30 September 2021, earnings per share jumped double-digit, supported by a sturdy balance sheet position.
The results as released to the Nigerian Exchange Group showed a 54% growth in profit before Tax (PBT), from N2.1 billion in September 2020 to N3.3 billion in September 2021.
The Bank also declared a 32% increase in gross income, from N14.24 billion realised in September 2020 to N18.78 billion at the end of September 2021.
During the period under review, the Bank’s total assets expanded by 22% from N210 billion to N256 billion at the end of September 2021.
Jaiz bank shareholders’ funds for the period under review also grew by 14%, from N17.85 billion at end of September 2020 to N20.31 billion at end of September 2021.
Earnings per share for the period experienced a surge by 45% from 6.28 kobo in the third quarter of 2020 to 9.09 kobo at the end of the third quarter of 2021. Read Also: Jaiz Bank Holds 62% of Islamic Banking Assets in Nigeria
It has consistently delivered remarkable results in the last three years and the whole of the three quarters in the current year, which clearly is a reaffirmation of its continuous growth trajectory as the clear leader in Nigeria non-interest banking space to its’ stakeholders and the general banking public.
Commenting on the results, the Managing Director/CEO, Hassan Usman said the Bank was able to achieve these feats, through a number of strategic initiatives which include investment in IT infrastructure, better customer engagement at all levels and strategic cost management.
He expressed profound appreciation to the Bank’s teeming customers, shareholders, regulators and other stakeholders for their immense support while calling on the general public to come on board.
Traded at 63 kobo per share, investors on the Nigerian exchange current value Jaiz Plc at N21.761 billion. # Islamic Lender Jaiz Bank Posts Sky-High Earnings Growth
Read Also: Jaiz Bank boosts small and medium enterprises through forex
