Jaiz Bank Soars By 52% in 9-Day

Jaiz Bank Soars By 52% in 9-Day

Jaiz Bank Plc (Ticker: JAIZBANK) shares rallied by about 52% from the beginning of the year to date (YTD) which is 9 days as a result of positive price movement in the non-interest lender’s stock.

The positive movement was attributable to notable volume with a higher number of shares being traded than in a typical session. The premier non-interest bank was priced at N1.95 on the first day of 2024 but its share price has already climbed above N3 in the local bourse.

Now selling at N3.02 per share in the stock market, Islamic Lender, Jaiz Bank Plc was among the top performers on the floor of the Nigerian Exchange in the just concluded week. The non-interest bank now commands more than N104 billion as market valuation on the Nigerian market.

MarketForces Africa market tracker showed that Islamic lender Jaiz Bank outperformed a 11.06% year-to-date gain recorded by the Nigerian Exchange. Driven by positive sentiment ahead of the fourth quarter of 2023 earnings release, equities investors queue behind the bank’s stock which raised its market price from N2.30 at the beginning of the week to N3.02 on Friday’s close.

Jaiz Bank Plc planned 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. In a regulatory filing, Jaiz Bank estimated profit for the fourth quarter of financial year 2023 would be at about N2.5 billion on gross earnings of N12.783 billion in the same period.

The top line is projected to grow on the back of a solid increased income of N12.368 billion from contract financing in the latter part of the year.  Of the sum, the Islamic bank is estimated to spend less than N2.5 billion on funding sources, according to the regulatory filing.

The bank expects cash generated from operating activities in the period to be N1.111 billion negative, having booked N1 billion as impairment charges on loans.

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 Soars By 52% in 9-Day Naira Rises by 19% as Forex Market Pressures Ease