JAIZ Bank posts N636.7m profit in Q1

Jaiz Bank Plc, a noninterest (Islamic) bank in Nigeria, has reported profit before tax growth of 33.63 percent closing at N636.7million in the first quarter of 2020, when compared to N476.5 million that was realized in the corresponding period of 2019.

According to the bank’s released financial statement for the period ended March 31, 2020, the bank’s gross income rose by 43.14 percent to N4.182billion as against N2.921billion recorded in the same period of 2019.

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

The first quarter results is a demonstration of the feats 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 percent from N834.4 million realized in the corresponding period of 2018.

Commenting on the financial results, the Managing Director, Hassan Usman said the feats were achieved as a result 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 the added value of the management’s continuous strive 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 un-served markets and the financially excluded segments of our society.