Jaiz posts N9.9bn earnings in 1st quarter
Rano Air launches operations in Kano
Jaiz Bank Plc, Nigeria’s pioneer non-interest bank, has declared gross earnings of N9.88 billion in the first quarter of 2023.
In a statement yesterday, the bank’s unaudited results indicates that it had recorded 44.55 per cent profit growth in its pre and posttax, showing that the gross income had risen by 38.3 per cent as at end of the first quarter on March 31, 2023.
The statement reads in part: “Gross income rose to N9.88bn in Q1 2023 as against N7.2382b in Q1 2022. Also, Profit Before Tax (PBT) reached N1.59bn, a year-on-year increase of 45.62 per cent over the N1.10bn reported in Q1 2022.”
It added that, “The bank initiated several measures to pursue greater efficiency and to realign our business and strategic priorities resulting to
A new indigenous airline company, Rano Air, has flagged off its flight operations in Kano State with five aircraft to fly from Kano to Abuja to Lagos and other destinations within Nigeria.
The airline company, owned by Kano-born petroleum mogul, Auwalu Abdullahi Rano, popularly known as AA Rano, came into being after three years of preparation.
Speaking at the grand flag off ceremony at the Malam Aminu Kano International Airport (MAKIA), the Project Director a significant growth in the balance sheet size from N379.82bn by December, 2022, to N452.82bn by March, 2023,”
It would be recalled that the bank’s pre and post-tax profits forecast for the period ending March 31, 2023, was estimated at N1.40bn and N1.26bn respectively.
This implied a pretax profit margin of 14.3 per cent and net profit margin of 12.9 per cent within the top bracket of the industry margin. of the airline, Barr Usman Mohammad Oloje, disclosed that the project started in 2020.
Oloje explained that in 2020, when AA Rano, who is the Chairman of the Rano Group of Companies, developed the idea of establishing an airline business and instructed him (Oloje) to incorporate and register an airline with the Corporate Affairs Commission (CAC) and facilitate its formation and operations.
He said, “Alhamdulillah! All the five aircraft have been fully maintained with the very high standards set by the Nigerian Civil Aviation Authority (NCAA) and in compliance with ICAO and other international civil aviation monitoring organisations and regulations and have been passed by NCAA for use by the public.”
He assured Nigerians of quality service and commitment to excellence and convenience, saying, “Rano Air will treat Nigerians like royalty in fulfillment of its desire to create a new and exciting flying experience, as Nigerians will in no distant future be able to fly directly without a stopover from Kano, Abuja and Lagos to all the viable airports in Nigeria in comfort and on schedule.”
In his remarks, Kano State Governor, Abdullahi Umar Ganduje, said the establishment of the airline was history repeating itself as the first aircraft in Nigeria landed in Kano State.
The governor said the airline would be a viable business that would boost commercial activities of Kano and by extension Northern states.
Earlier, Alhaji AA Rano expressed gratitude to Allah for making the business come to fruition.
He thanked Ganduje and his administration for their support towards the success of the company.