Jaiz Bank Reports N204m Profit In Q1

By Nse Anthony-UKO

ABUJA, (Sundiata Finance) – Jaiz Bank Plc, on Wednesday declared a profit after tax (PAT) of N203.679 million for the first quarter ended March 31, 2017. The result which was released on the Nigerian Stock Exchange (NSE), represents an increase of 175.83 per cent  compared with N73.841 million recorded in the previous year.

The performance of the bank has demonstrated continued growth and operational efficiency as its gross income grew by 23.69 percent to N1.624 billion from N1.313 billion in 2016. Also, the bank’s total assets closed the first quarter at N78.698 billion compared to N58.674 billion the previous year, while the total liability went up by 52.3 per cent to N33.098 billion from N21.731 billion in 2016.

Also, the bank’s customer current deposit base further closed at N31.43 billion as against N20.654 billion, showing strong growth of 52.18 percent. Total income appreciated by 34.26 per cent to N1.45 billion from N1.08 billion, total expenses increased from N1.004 billion to N1.24 billion in the period under review.

The bank, being the first sharia-compliant commercial bank to list on the NSE in February, 2016, contributed N38.8 billion to the NSE market capitalisation. Recently, the managing director/CEO of the bank, Hassan Usman said, the bank based its five-year financial protection on seven pillars namely, retail market focus, organic growth, technology drive, skill gap reduction, strong corporate governance, brand projection and corporate advocacy.

Speaking on opportunities for 2017, Usman said a large percentage of the bank’s income is expected to be derived from Sukuk, which it projected to grow from N1.3 billion in 2017 to N3.2 billion in 2021. He explained that even though the bank operates a non-interest model, the bank is not a non-profit entity.

The banks model is designed to earn profits through sales, partnership, and leases. Non- interest (Islamic model) banks basically earn their income from a range of products and services that can be broadly classified into sales, partnerships, and leases.

Also the chairman of the bank, Alhaji Umaru Abdul Mutallab, said, “In the next five years, I see the bank in every nook and cranny of this country and other sub-Saharan African countries.

“In sub-Saharan West Africa, there’s still the big problem of paucity of banking services. The small and medium scale enterprises (SMEs) do not have adequate access to financial services. So this bank wants to champion the funding of small and medium scale enterprises.”

He added that shareholders of the bank will benefit from the bank investment, saying “The bank has a longer-term and more sustainable view of the benefits to future bottom-line.”


Leave a Reply

Your email address will not be published. Required fields are marked *


Sundiata Post Media Ltd.

Address: 3rd Floor Office Suite, Bayelsa State Guest House, Plot 1038, Shehu Shagari Way, Maitama, Abuja, Nigeria.
Tel: +234(0)92900705, +234(0)8173460599
Whatsapp: +234(0)8053069436
BBM PIN: 5619150D
Email: info@sundiatapost.com
Website: www.sundiatapost.com

Enugu Regional Office: SW 1 New Haven Shopping Mall, Enugu, Enugu State, Nigeria.
Tel: +234(0)7062582838

London Office: 18 Belgrave Avenue, Wd18 7UE, Watford, United Kingdom.
Tel: +447417554143

Washington Office: 1245 Delafield PI NE, Washington DC 20017, USA.
Tel: 0092404216156

About Us

SundiataPost is published by Sundiata Post Media Limited, Sundiata Post is Nigeria’s most authoritative online newspaper and ranks among the top five online news platforms in Nigeria.

Guild of Corporate online publishers
A Glance at Our Advert Rate.

Inside Pages

Size In Pixels - Amount

120×180 - N27,967.50

300×100 - N24,695

Text Link - N11,275

More Details info

About Us | Contact Us | Privacy Policy | Terms of Use | Advert Rate