Saturday, July 31st, 2021

Jaiz Bank Declares N2.4bn Profit after Tax

Jaiz Bank Plc, the first non-interest and Islamic Bank in Nigeria has released its 2019 Audited results for the period ended December 31st, 2019, declaring a Profit after Tax of N2.4bn.This represents a massive leap of 193% from N834.4m realized in the corresponding period

In the report submitted to the Nigerian Stock Exchange (NSE), the Bank declared a 135% growth in Profit before Tax (PBT) for the period under review from N879.7m as at December 31st 2018 to N2.1bn as at December 31st 2019.

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Key extracts of the report showed that Gross Income grew by 80% to N13.5bn as at December 31st 2019 from N7.5bn in the previous year, while the Bank’s Total Assets also grew by 54% to N167.27bn from N108.46bn.

Attesting to the increasing public interest in Islamic finance products, the earning per share of the Bank surged up to 8.30 kobo per share as against 2.83 kobo per share in 2018, signifying an increase of 193%.

Commenting on the impressive performance, the Managing Director/Chief Executive, Hassan Usman said “the major driving force was the deliberate efforts to satisfy our customers, which was evident in the significant growth in the deposit base and risk asset portfolio.”

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Jaiz Bank Plc is a bank in Nigeria operating under Islamic banking principles and is a non-interest bank. It is the first non-interest bank established in Nigeria and is headquartered in Abuja, the capital city of the country.

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The bank was founded in 2003 as Jaiz International Plc. Jaiz Bank received its license from the Central Bank of Nigeria, the national banking regulator, to operate as a regional bank. On 6th of January 2012, the institution commenced business as Jaiz Bank Plc in offices branches in Abuja, Kaduna and Kano.

As of December 2012, the bank was a medium-sized, financial services provider in Nigeria. At that time, the bank’s total assets were valued at US$88.8 million with the naira equivalent to be N14.1 billion, with shareholders’ equity of about US$63.6 million equivalent to N10.1 billion.

The bank have been granted their national banking license four (4) years later in 2016, after which, it has met its shareholders’ capital objectives. The Bank operates 27 branches and provides regular ATM service as well as online, mobile, and SMS banking services.

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