Jaiz Bank grows half year profit by 44%

 

Jaiz Bank Plc, Nigeria’s premier non-interest (Islamic) bank, has recorded an increased profit from N814.3 million in half year 2019 to N1.171 billion 2020, signifying 43.87 percent increase.

The bank’s latest finance position is contained in its half year result ended June 30, 2020 and submitted to the Nigerian Stock Exchange (NSE).

The N1.171 billion signifies 43.87 per cent increase while its balance sheet size increased by 11.57 per cent from ₦167.273 billion as of December 31, 2019 to ₦186.625 billion June 30, 2020.

It recorded total income growth of 29.3 per cent from N4.82 billion as of June 2019 to N6.23 billion June 2020.  Earnings per share rose by 174.48 per cent from ₦1.45 in the first half of 2019 to ₦3.98 in the first half of 2020.

Commenting on its performance, Managing Director of the bank, Mr. Hassan Usman, said the half year result further demonstrated that the bank has the capacity to grow sustainably as large number of people is interested in it due to its ethical requirements.

He further assured that while maintaining steady focus on elements that contributed to improved performance thus far, he was hopeful that the bank will end the year compared to the feat attained in 2019.

The Nigeria’s first non-interest reported a profit before tax growth of 33.63 per cent in the first quarter of 2020 (636.7million) compared to  corresponding period of 2019 (N476.5 million).

Excerpts from its report and accounts for the period ended March 31, 2020, showed that the bank’s gross income rose by 43.14 per cent to N4.182 billion as against N2.921billion recorded in the same period of 2019.

The balance sheet size of the bank under review grew by 15.51 per cent as total assets rose to N193.204 billion compared with the 2019 audited financial position of N167.27billion.

The first quarter result is a demonstration of the feat achieved at the end of the bank’s financial results for the 2019, where it declared a profit after tax (PAT) of N2.4 billion, representing a massive leap of 193 per cent from N834.4 million realized in the corresponding period of 2018.

Commenting on the report, the Managing Director/CEO, Hassan Usman, said the feat achieved was an outcome of the bank’s deliberate policy to  focus on building culture of ethics and taking the necessary decisions to align its perspective with client expectations.

He said the result was a proof of added value of the management’s continuous efforts towards making the bank the preferred institution for all stakeholders, which was supported by the outcome of the bank’s maiden external credit rating conducted by the International Islamic Rating Agency.

Usman said: “An investment-grade rating of A+ (short term) was assigned to the Bank which is a resounding corroboration of the bank’s sound financial health. In the years ahead, we shall continue to deepen our engagement with the MSME, agri-businesses across all value chains and focus on unserved markets and the financially excluded segments of our society. This we believe within the current context of our society, shall create an institution that will pass the test of time.”

 

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