Jaiz Bank Hits Record High After Earnings Beat
Jaiz Bank Plc traded at a 52-week high in the equities market following higher demand for the Islamic lender stocks on the Nigerian Exchange. Key events acting as catalysts for improved investors’ sentiment include recent new capital base achievements and earnings surge.
According to data obtained from the local bourse, Jaiz Bank share price rose to N3.3, its highest price in 52 weeks, from N3.26 on the back of huge volume of shares traded in the market.
The positive price movement, albeit marginal, raised the non-interest bank’s market value to N147 billion on the Nigerian Exchange. In its unaudited financial results, Jaiz Bank said its net profit rose by 121% year on year to N24.85 billion from N11.237 billion in the comparable year in 2023.
The Islamic bank’s sturdy performance was bolstered by significant year-on-year gross earnings growth in the financial year 2024. Jaiz Bank reported that its gross earnings increased to N82.841 billion in 2024 from N47.237 billion in the comparable year in 2023. The Islamic lender’s strong gross earnings growth was bolstered by a sizeable year-on-year spike in the bank’s shares of profit as an equity investor.
Jaiz Bank’s share of profit as an equity investor, or Mudarib spiked to N61.546 billion in the fourth quarter of 2024, up by 185% year on year from N29.095 billion in the comparable period in 2023. Hence, earnings per share climbed to 70.24 kobo from 32.53 kobo 12 months earlier. #Jaiz Bank Hits Record High After Earnings Beat Naira Extends Rally as IOCs, FPIs, CBN Boost FX Liquidity
