Jaiz Bank Forecasts N4.9 Billion Profit in Q2

Jaiz Bank Plc plans to generate approximately N5 billion in net profit in the second quarter of the financial year 2024, according to the Islamic lender’s most recent regulatory filing.

Nigeria’s premier non-interest bank is expected to release an audited financial statement for 2023 shortly. Following today’s earnings prediction, Jaiz Plc’s share price saw a marginal gain. The positive price movement lifted its market value to N69 billion.

In its earnings forecast, Jaiz Plc said gross earnings would print at N19.317 billion in the period. The bank forecasted that income from contract financing would settle at N17.99 billion in Q2.

Net revenue from funds used in operation is expected to reach N13.471 billion in the period after it has accounted for payments to providers of funds.

Details showed that Jaiz plans to pay fund providers a total sum of N4.521 billion for parting with their funds during this period.

About N1.89 billion would be separated as impairment charges on credit losses. The bank expects to get N1.23 billion from other income sources in Q2-2024. Net operating income for the period is estimated to be N12.9 billion.

With about N7.5 billion as estimated operating expenses, pretax profit is projected to reach N5.459 billion in Q2. Jaiz Bank Plc forecasted a tax provision of N546 million in the period, leaving net profit at N4.913 billion in Q2.  #Jaiz Bank Forecasts N4.9 Billion Profit in Q2 Investors React as Unity Bank Forecasts N21.5bn Net Loss

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