Jaiz Bank grows in­vest­ments by 380%

Daily Trust - - BUSINESS - By Hamisu Muham­mad

Jaiz Bank Plc, the Nigeria’s first and cur­rently the only fullfledged in­ter­est-free bank, has grown its in­vest­ment portfolios in the last two years by more than 380 per­cent.

The bank’s Chair­man of Board of the Di­rec­tors, Al­haji Umaru A. Mu­tal­lab, CON, dis­closed this, yes­ter­day, in Sokoto dur­ing the com­mis­sion­ing of the bank’s branch in the state.

Mu­tal­lab said: “We have grown our In­vest­ments by more than 380 per­cent from N1.9 bil­lion to N9.4 bil­lion. Our cus­tomer de­posits took a mas­sive leap of more than 460 per­cent from N3.2 bil­lion to N18.6 bil­lion.

“In terms of prof­itabil­ity, your bank grew its to­tal earn­ings by more than 750 per­cent dur­ing the year.”

He said the bank was able to achieve these through the use of “unique and ro­bust IT plat­form in de­liv­er­ing ex­cep­tional cus­tomer ser­vices to our clien­tele.”

Jaiz Bank com­menced busi­ness on Fri­day, Jan­uary 6, 2012 and is li­censed by the Cen­tral Bank of Nigeria as a re­gional, non-in­ter­est and eth­i­cal fi­nan­cial in­sti­tu­tion with an au­tho­rised share cap­i­tal of N13 bil­lion.

With just three lo­ca­tions, Abuja, Kano and Kaduna, when it started in 2012, the bank has ex­panded its oper­a­tion to 13 lo­ca­tions. The bank now has branches in Gombe, Sokoto, Maiduguri, Katsina, Gusau, three branches in Kano, and additional two in Abuja - Wuse and Na­tional As­sem­bly with more branches sched­uled to be opened soon.

From left: Sitawa Wa­fula, blog­ger from Kenya; Eu­nice Namirembe, from Uganda; Eseoghene Odi­ete, Cre­ative Di­rec­tor, He­sey De­signs; Eric Obuh, Vo­cal Slen­der, Nigeria and Christo­pher Pan­ford from Ghana at the Google’s ‘Africa Con­nected’ Com­pe­ti­tion award night in Nairobi, Kenya re­cently.

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