Jaiz Bank Forecasts N5.5bn Profit for Q3-2024
Jaiz Bank Plc has forecasted N5.517 billion in profit for the third quarter of 2024, according to the Islamic lender’s regulatory filing submitted to the Nigerian Exchange, NGX.
According to details from its recently released third quarter earnings forecast, Jaiz bank Plc is expecting gross earnings to reach N21.227 billion between July and September 2024.
Of this, income from financing and investment is expected to be the major contributor to gross earnings size expected in the period. Jaiz bank is expecting income from its contract financing and investment activity to reach N19.645 billion in the third quarter of 2024.
With estimated sum of N5.040 billion set aside to pay providers of funds, the Islamic lender is expecting N14.605 billion as its net revenue from funds deployed for the business in the period.
The bank expects some of its loan to be impaired. Accordingly, the bank made provision for N1.886 billion as its third quarter credit impairment charges against earnings.
Jaiz bank is expecting N1.582 billion to augment its earnings performance. Based on its numbers, the non-interest bank forecasted operating income to click at N14.300 billion.
Meanwhile, total operating expenses of the Islamic lender is estimated to be N8.170 billion in the third quarter of the year. Netting the operating income against total expenses, the bank said in its earnings forecast that pretax profit will likely settle at N6.130 billion in the third quarter of the year.
Its net profit is estimated to reach N5.517 billion in Q3 after profit for more than N613 million as tax provision in the period. Jaiz Bank Plc expects its cash to balance at about N189 billion at the end of the third quarter of 2024, according to details from its earnings forecast.
#Jaiz Bank Forecasts N5.5bn Profit for Q3-2024 Reforms: Fitch Revises Nigeria’s Outlook to Positive
