Jaiz Bank Releases Earnings Forecast for Q1-2024
Jaiz Bank Plc, Nigeria’s premier non-interest banking operator, has released an earnings forecast for the first quarter of 2024, its latest regulatory filing signed by its chief financial officer, Ahmed A. Hassan revealed.
The management expects the non-interest bank to deliver N4.299 billion as net profit in the first three months of 2024 from improved contract financing, non-interest revenue and investment in interest-yielding assets.
Income from financing and investment is expected to account for a significant chunk of the Islamic bank’s gross earnings in the first three months of next year. The Islamic lender stated that its gross earnings is expected to print at N17.183 billion, details from the regulatory filing showed.
Jaiz Bank Plc expects to generate N16.296 billion as income from financing and investment in the period. The non-interest bank expects to pay providers of fund N3.7 billion in three months. This is expected to leave the Islamic lender with N12.572 billion as net revenue from funds it deployed for the operation in the first quarter of 2024.
The bank expects an impairment charge on credit to gulp about N1.9 billion, and it hopes to record N11.573 billion as its net operating income in the period. This is set against operating expenses which is expected to settle at about N6.8 billion.
Jaiz Bank Plc sees pretax profit coming at N4.776 billion in Q1-2024 and expects a tax provision of about N478 million to reduce its bottom line. #Jaiz Bank Releases Earnings Forecast for Q1-2024 Naira Devaluation Deepens Economic Crisis in Nigeria
