Sunday, June 20, 2021

Jaiz Bank revenue hits N5.99bn, declares N979.17m profit for Q1 of 2021

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Ibrahim Ramalan
Ibrahim Ramalan is a graduate of Mass Communications from the Ahmadu Bello University (ABU) Zaria. With nearly a decade-long, active journalism practice, Mr Ramalan has been able to rise from a cub reporter to the exalted position of an editor; first as Arts Editor with the Blueprint Newspapers before resigning in 2019; second and presently as an Associate Editor of the Daily Nigerian online newspaper. He can be reached via [email protected], or www.facebook.com/ibrahim.ramalana, or @McRamalan on Twitter.
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Jaiz Bank Plc. has announced that its gross revenue base has increased by 43%, from N4.18 billion to 5.99 billion in the year 2020.

The bank made the announcement on Friday as contained in its financial report for the first quarter of 2021 which ended on March 31.

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The report, which was released to the Nigerian Stock Exchange, added that the bank’s profit before taxation had increased significantly by 54%.

According to the report, the increase amounted to 979.17 million as against N636.69 million recorded in the same period last year.

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“Th consistent earnings result is obviously reassuring to all stakeholders and the investing public that the Bank will brace the tape strongly at the end of the current financial year in December 2021,” the report noted.

Jaiz Bank, as the premier Non-Interest Bank in Nigeria is expected to maintain the remarkable earnings streak and its leading position of the Non-Interest Banks in Nigeria.

Leveraging on technology and the expansion of its retail market drives, the Bank is set to meet its profit forecasts and dividend promise to its shareholders.

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In the last financial year Jaiz Bank paid out over N833million as dividend to its shareholders.

Meanwhile, the Bank’s earnings per share increased from 1.88 kobo in the first quarter of 2020 to 2.82 kobo in the first quarter of 2021.

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Speaking on the result, the Managing Director/CEO Hassan Usman said that the result reflects the Bank’s positive outing in 2020, where it recorded a Profit Before Tax of N3.07 billion.

He assured that with this development and despite the pandemic, the Bank is positioned to maintain this positive outlook for the whole year.

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