Jaiz Bank Bolsters Performance as Profit Spikes 193% to ₦2.4Bn
Jaiz bank Plc, a premier non-interest banking financial service operator has revved up its performance, and raised the bottom line.
The Islamic in its recently release audited financial statement for 2019 raised profitability significantly as profit after tax surged by 193% to settle at ₦2.4 billion.
In the comparable year in 2018, Jaiz Plc had declared ₦834.4 million as profit for the year.
In a report submitted to the Nigerian Stock Exchange (NSE), Jaiz reported a 135% growth in profit before tax (PBT) for the period under review, coming from ₦879.7 million as at December 31st 2018 to ₦2.1 billion as at December 31st 2019.
Key extracts of the report showed that gross income grew by 80% to ₦13.5 billion as at December 31st 2019 from ₦7.5 billion in the previous year.
Meanwhile the Bank’s total assets expanded followed an increase credits asset by 54% to ₦167.27 billion from ₦108.46 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%.
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.
Jaiz Bank Bolsters Performance as Profit Spikes 193% to ₦2.4Bn
