Jaiz Bank announces N636.7m Profit in Q1

By InstinctBusiness Jul 7, 20200

Jaiz Bank Plc, has announced a Profit Before Tax (PBT) of N636. 7 million for the first quarter (Q1) 2020.

According to the bank, this represented a growth of 33.63 per cent compared to the N476.5 million recorded in the corresponding period of 2019.

Excerpts from its report and accounts for the period ended March 31, 2020, also showed that the bank’s gross income rose by 43.14 per cent to N4.182 billion compared to N2.921 billion recorded in the same period of 2019.

The balance sheet size of the bank under the review period grew by 15.51 per cent as total assets rose to N193.204 billion compared with the 2019 audited financial position of N167.27 billion.

Speaking on the financial results, Managing Director/Chief Executive, Jaiz Bank, Mr. Hassan Usman said the feats were achieved as a result of the bank’s deliberate policy to focus on building culture of ethics and taking the necessary decisions to align its perspective with client expectations.

Usman explained further that the result was a proof of the added value of the management’s continuous strive towards making the bank the preferred institution for all stakeholders which was supported by the outcome of the its maiden external credit rating conducted by the International Islamic Rating Agency.

He said the first quarter results was also a demonstration of the feats achieved at the end of the bank’s financial results for the 2019, where it declared a Profit After Tax (PAT) of N2.4 billion, representing a massive leap of 193 per cent from N834.4 million realised in the corresponding period of 2018.

“An investment-grade rating of A+ (short term) was assigned to the Bank which is a resounding corroboration of the Bank’s sound financial health. In the years ahead, we shall continue to deepen our engagement with the MSME, agri-businesses across all value chains and focus on unserved markets and the financially excluded segments of our society. This we believe within the current context of our society, shall create an institution that will pass the test of time.”