Jaiz Bank reports over 45% increase in annual profit

A leading Non-Interest Bank in Nigeria, Jaiz Bank Plc, has declared a Profit Before Tax of N3.07 billion for 2020 financial year, a 45.31% increase over N2.11 billion recorded in the previous year.

Jaiz bank, today, made an outstanding profit of 10% pushing its price to N0.64. At the end of the trading session today, the NSE Banking Index posted a loss of (-3.12%) supporting the significant loss posted at the last trading session of -1.95%, putting the index point at 350.36. The market saw 1 gain, 1 stalemate, and 8 losses.

After Jaiz Bank’s losses of -4.76%, putting the price at N0.61 at the previous trading session, the bank, today, made an outstanding profit of 10% pushing its price to N0.64.

Jaiz Bank Board Meeting

Gross Earnings from the Report and Accounts for the year ended December 31, 2020 showed a 33.29% growth from N14.71 billion in 2019 to N19.6 billion in 2020.

The Bank’s Total Assets during the year under review was N233.59 billion as against N167.27 billion realized in the previous year, representing a 40% growth.

Similarly, there was a leap in the Profit After Tax from N2.44 billion in the preceding year to N2.90 billion for the year ended December 31, 2020.

Earnings Per Share increased from 8.29 kobo in 2019 to 9.85 kobo in 2020. While Return on Equity for the year under review stood at 17.2%, securing a place for the Bank among the top-4 quoted banks with the highest return to Shareholders in the country.

The 2020 result further reaffirms the growth trajectory witnessed by the Bank over the last 3 years.

The Managing Director, Mr. Hassan Usman said the Bank’s growth strategy focuses on the real sector of the economy, especially the Small and Medium Enterprises (SMEs) and financial inclusion.

Usman said: “We shall continue to develop new customers, new markets and new products for both our physical and virtual channels. We remain committed to continuously up-scaling our governance mechanism to meet best practice and regulatory requirements.”

The MD noted that while the Bank would continue to expand its operations across the country by opening more branches, it will significantly leverage on technology to reach its target markets across the nation and bring the underbanked and unbanked population into the formal economy.

Jaiz bank is the first non-interest bank established in Nigeria and is headquartered in Abuja, the capital city of the country. As of December 2012, the bank was a medium-sized, financial services provider in Nigeria.

The institution was founded in 2003, as Jaiz International Plc. On 11 November 2011, Jaiz International received a license from the Central Bank of Nigeria, the national banking regulator, to operate as a regional bank. On 6 January 2012, the institution commenced business as Jaiz Bank Plc in offices and branches in Abuja, Kaduna and Kano.