BY COBHAM NSA, ABUJA – Nigeria’s pioneer non-interest financial institution, Jaiz Bank Plc, is positive the coronavirus (COVID-19) challenges will not disrupt its progressive march towards breaking new grounds this year and beyond.
This is as the Bank’s management promoted 216 staff and gave 193 others step-wise notch increment in line with its tradition of rewarding and motivating employees for higher productivity.
The promotion exercise cut across all departments and grades, involving senior, middle and junior cadre staff of the Bank after a successful conclusion of year 2019 appraisal.
Managing Director and Chief Executive of the Bank, Hassan Usman, who spoke at its Annual General Meeting (AGM), said the management is already working to reposition the institution for effective service delivery in the post-COVID-19 new normal era.
“We are very hopeful that this year even with the COVID-19, 2020 will also be very good”, Usman assured.
The Bank boss stated that a total of 409 staff are beneficiaries of the promotions and step-wise notch increment as part of plans to secure a vibrant workforce of the future for the bank.
“The management want the Bank to continue to remain a great place to work for all staff, and to make it easier for them to do what they do best-delighting our numerous customers”, he said
According to Usman, Jaiz Bank’s profile during the year under review showed that there is a correlation between performance-based incentives recently approved by the Board and the Bank’s overall performance in 2019.
While expressing confidence in weathering the storms of COVID-19 pandemic, the management is optimistic of a productive 2020.
“We have just finished our Annual General Meeting (AGM). We had a very good year (2019) and we are very hopeful that this year even with the COVID-19, 2020 will also be very good, God willing”, he said
In a related development, Usman noted the global traction for Islamic banking, saying that it has increasingly grown by 15 per cent worldwide.
On Jaiz Bank’s performance index, he said the balance sheets growth has been consistent at about 50 per cent, closing the year 2019 at about N162bn billion which is more than 50 per cent growth.
“Similarly, if you look at our earnings, 2018 we had less than N9 billion as earnings by the end of 2019 we had almost N15 billion which is almost 65 percent growth”, he said.
On their profitability, Usman said: “We closed 2018 at about N900 million in profit and by the end of 2019 we closed at N2.1 billion in profitability, which means over a 100 percent growth.”
He said Islamic financing is growing because many people are interested in it due to its ethical requirements to avoid interest, adding that all Nigerians are qualified to open an account with the bank.
The Jaiz Chief Executive said; “We maintain the usual current and savings accounts for normal transactions and deposit account where the customers provide an equity to the bank for trading with profit or loss sharing”.