Wednesday, May 31, 2023

Islamic Banking: Jaiz declares N2.4bn profit after tax

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The premier Islamic non-interest banking platform in Nigeria, Jaiz Bank PLc., has released its 2019 audited results, declaring a Profit After Tax, PAT, of N2.4 billion.

In the report submitted to the Nigerian Stock Exchange, NSE, the Bank declared a 135% growth in Profit Before Tax, PBT, for the period under review – from N879.7 million as at December 31 2018 to N2.1 billion as at December 31 2019.

Key extracts of the report showed that Gross Income grew by 80% to N13.5 billion as at December 31st 2019 from N7.5 billion in the previous year, while the Bank’s Total Assets also grew by 54% to N167.27 billion from N108.46 billion.

Commenting on the impressive performance, the Managing Director/Chief Executive of the bank, Hassan Usman, said, the increase represents a massive leap of 193% from N834.4 million realized in the corresponding period of 2018.

Mr 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 and risk asset portfolio.”

According to him, during the year under review, the Bank deepened its support for the MSME sector with targeted intervention to meet diverse needs of small-scale burgeoning 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 through the mundane visitations to banking halls

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