- Boosts support for MSMEs
BY COBHAM NSA, ABUJA – Proudly flaunting its deepened support for the Micro, Small and Medium Enterprises (MSMEs) sector, Jaiz Bank Plc says its profit after tax stood at N1.79 billion in the 2019 unaudited financial results submitted to the Nigerian Stock Exchange (NSE).
The figure indicated an amazing 114 per cent growth by the nation’s foremost non-interest (Islamic) Bank as against the N834.36 million profit recorded as at 2018 ending
According to key extracts from the bank’s financial statement, its total assets rose by 53 per cent from N108.462 billion in 2018 to N166.837 billion, while gross income went up by 80 per cent from N7.5 billion in 2018 to N13.517 billion in year 2019.
In addition, customers’ current deposits increased by about 50 per cent from N85.03 billion in 2018 to N127.193 billion during the financial year under review.
Also supporting the increasing public interest in Islamic finance products, the bank’s earning per share increased to 6.06 kobo per share as against 2.83 kobo per share in 2018. The figure indicated an upsurge of over 114 per cent in the 2019 fiscal year.
Managing Director/Chief Executive Officer (CEO) of the Bank, Hassan Usman said key to this impressive performance remained the deliberate efforts to satisfy “our customers, which was evident in the significant growth in the deposit base.”
He said this was further enhanced by the Bank’s decision to shore up its support base for the MSMEs sector with targeted interventions to meet diverse needs of small-scale bourgeoning entrepreneurs in the country.
Usman explained that the bank also invested more on Information Technology (IT) infrastructures; and improved its E-banking channels, adding that the development made it easier for customers who prefer to bank on the move than use bricks-and-mortar banking hall services.