Jaiz Bank Eyes N316m 2nd Qtr Profit
BY COBHAM NSA, ABUJA – Jaiz Bank Plc is determined to deliver a Profit Before Tax (PBT) of N316.281 million for the second quarter of this year, representing about N112.602 million over the sum of N203.679 million realized in the first quarter.
Undeterred by current poor economic indices in the country, the Bank said its target is a overall revenue of N2.4 billion within the period under review as against N1.4 billion realized during the first three months of this year.
The cheering news came from Managing Director and Chief Executive Officer of the bank, Hassan Usman, who is upbeat that its total assets will increase from N78.7 million recorded as at March ending to about N101.4 billion by the end of June 2017.
Addressing shareholders at the Bank’s 5th Annual General Meeting (AGM) in Abuja on Wednesday, Usman assured that all the estimates are realisable being in line with the future projections of the bank.
He said Jaiz bank is being positioned for the future, with its focus on the retail market for both financing assets and deposits mobilization, adding, “The consequence of this retail strategy is not going to be limited to preponderance of retail funding and assets creation but shall include lowering incidence of credit default risk, consistent support for the MSME sector, preservation of shareholders’ fund due to reduction in impairment, greater investment in technology and steady sustainable growth in profitability.”
According to him, the bank’s performance in 2016 shows 38 per cent growth in financing and 30 per cent deposit inflows, even as it recorded growth in its gross income from financing from N4.9 billion in 2015 to N5.5 billion in 2016.
Usman described the performance as the beginning of a success story, achieved as a “result of a consistent and sustained focus on the needs of our customers and the employees that serve them, through the provision of excellent service, great products and continued investment in the knowledge set that underpins our kind of banking model.”
In his remarks at the event, Chairman of the bank, Umaru Abdul Mutallab said going the milestones so far recorded since its inception a few years back, the institution is ultimately focused on expanding its frontiers beyond the shores of Nigeria.
Mutallab explained that Jaiz bank’s national outlook status has broaden its horizon and therefore all hands are on deck to position it for more profitability in the coming years.
