Jaiz Bank grows Half-Year profits by 295%

By Etuka Sunday

Jaiz Bank Plc, Nigeria’s premier non-interest (Islamic) bank has recorded another impressive performance in the first half of this year as it continued to improve its cost efficiency and risk management.

Key extracts of the half year ended June 30, 2019 released to the Nigerian Stock Exchange (NSE) showed that gross earnings rose by 41% while pre and post-tax profits increased by 292% and 295% respectively.

The half year report indicated that Profit Before Tax increased to N907 million from N231million, while Net Profit after tax rose to N816million from N207million in the corresponding period of 2018.

The Bank also grew its total income by 41% from N4.47 billion as at June 2018 to N6.31 billion at the end of June 30th 2019, while earning per share rose by 225%, from 0.78 kobo to 2.77 kobo.

The above results further consolidated the growth trajectory of Jaiz Bank with a promise to end the year positively.

The Balance Sheet was further strengthened during the period with Total Assets rising by 33% from previous year end position of N108.46 billion to N144 billion.

Commenting on its performance, Managing Director of the Bank, Mr. Hassan Usman, said the half year results further demonstrated that the Bank has the capacity to grow sustainably in line with its strategic vision of becoming the leading non-interest bank in Sub-Saharan Africa.

He further assured that while maintaining steady focus on elements that contributed to improved performance thus far, this trend would be improved upon in the remaining period of the financial year, barring unforeseen circumstances.