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Makes N2.13bn PBT
BY COBHAM NSA – With many financial institutions still smarting from the COVID-19 pandemic stress, Nigeria’s foremost non-interest bank, Jaiz Bank Plc has recorded another impressive performance in its operations.
The latest is their third quarter financial results ended September 30, 2020, which has already been submitted to the Nigerian Stock Exchange (NSE) as required by law.
Managing Director and Chief Executive Officer of the Bank, Mr. Hassan Usman, described the performance as a further demonstration of Jaiz Bank’s capacity to grow sustainably in line with its strategic vision of becoming the leading non-interest bank in Sub-Saharan Africa.
Usman assured of efforts to maintain steady focus on elements that contributed to the institution’s enhanced showing thus far, adding that barring unforeseen circumstances, the management is committed to sustaining the trend in the last three months of this financial year.
According to the bank’s documents, profits before tax was N2.13 billion, representing a 44.36 per cent increase over the N1.47 billion realized in the corresponding period of year 2019
Furthermore, results in the period under review indicate that Profits After Tax (PAT) was N1.85 billion as at the end of September 30, 2020, compared to N1.25 billion earned as at September 2019 ending, representing an increase of 47.72 per cent.
A breakdown of the results shows that the Bank’s total assets as at September 30, 2020 was N210 billion. The figure represents about 25.67 per cent increment over the sum of N167 billion recorded during the same period in 2019.
Additionally, the bank declared N13.65 billion gross income at the end of September 30, 2020, as against N9.37 billion in the corresponding period of 2019, representing a growth rate of 45.71 per cent.
Similarly, the bank’s earnings per share increased by 48 per cent from 4.25 kobo in September 30, 2019 to 6.28 kobo as at September 30, 2020.
