[Nigeria] Jaiz Bank declares N1.79b profit

Jaiz Bank, Nigerian non-interest Sharia-compliant financial institution, has declared a profit after tax of N1.79 billion in its 2019 unaudited financial results as submitted to the Nigerian Stock Exchange (NSE).

The bank, in a statement, said the figure indicates a 114% growth when compared with the N834.36 million recorded at the end of 2018.

Key extracts of the bank’s performance report showed that total assets rose by 53% from N108.462 billion in 2018 to N166.837 billion, while gross income rose by 80% from N7.5 billion in 2018 to N13.517 billion in 2019.

At the end of the 2019 financial year, customers’ current deposits increased by about 50% from N85.03 billion in 2018 to N127.193 billion.

Attesting to the increasing public interest in Islamic finance products, the earning per share of the bank surged up to 6.06 kobo per share as against 2.83 kobo per share in 2018, signifying an increase of 114%.

Commenting on the performance, Managing Director 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.”

During the year under review, the Bank deepened its support for the MSMEs sector with targeted intervention to meet the diverse needs of small-scale bourgeoning entrepreneurs. The Bank also invested more on IT infrastructures, improved its e-banking channels that made it easier for customers who prefer to bank on the move than using bricks-and-mortar banking hall services.

www.sunnewsonline.com