Monday, June 27, 2022

Jaiz Bank declares N3.07bn as profit in 2020

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Rayyan Alhassanhttps://dailynigerian.com/author/rayyan/
Rayyan Alhassan is a graduate of Journalism and Mass Communication at Sikkim Manipal University, Ghana. He is the acting Managing Editor at the Daily Nigerian newspaper, a position he has held for the past 3 years. He can be reached via [email protected], or www.facebook.com/RayyanAlhassan, or @Rayyan88 on Twitter.
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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.

The Managing Director of the bank, Hassan Usman, in a statement on Wednesday, said 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.

According to him, 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 a40% growth.

Similarly, the MD stated further that 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.

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“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, Mr Usman stated.

The MD said the bank’s growth strategy focuses on the real sector of the economy, especially the Small and Medium Enterprises, SMEs, and financial inclusion.

He said: “We shall continue to develop new customers, new markets and new products for both our physical and virtual channels.

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“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 technology to reach its target markets across the nation and bring the underbanked and unbanked population into the formal economy.

sun newspaper today

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