Jaiz Bank Posts N2.4bn Profit, Deepens Support For MSMEs

BY COBHAM NSA, ABUJA – It is indeed a season to clink glasses, backslap and smile for Nigeria’s foremost Islamic financial institution, Jaiz Bank Plc, courtesy of the N2.4 billion Naira declared by the management as its Profit After Tax (PAT) for the period ended December 31, 2019.

According to its recently published 2019 audited results, the premier non-interest Bank in the country said the N2.4 billion profit represents a massive leap of 193 per cent from N834.4 million that was realized in the corresponding period of 2018.

This is as the bank also announced that it has continued to deepen its support for the Micro Small and Medium Enterprises (MSMEs) sector with targeted intervention aimed at meeting diverse needs of small-scale bourgeoning entrepreneurs.

In the report submitted to the Nigerian Stock Exchange (NSE), the Bank also declared a whopping 135 per cent growth in Profit Before Tax (PBT) for the period under review. The amount rose from N879.7 million in December 31, 2018 to about N2.1 billion Naira by December 31, 2019.

The report’s key extracts also indicated that Gross Income grew by 80 per cent to N13.5 billion as at December 31, 2019. This amount represent an upward increase from the N7.5 billion which accrued in the previous year, just as the bank’s total assets also grew by 54 per cent, moving from N108.46 billion to N167.27 billion in the year under review.

Further authenticating the increasing public interest in Islamic finance products, the Bank’s earning per share surged up to 8.30 kobo per share compared to 2.83 kobo per share in 2018, representing a huge 193 per cent increase during the fiscal year

Managing Director and Chief Executive of Jaiz Bank, Hassan Usman attributed the impressive performance to hard work and commitment to meet the customers needs at all times.

He said; “The major driving force was the deliberate efforts to satisfy our customers, which was evident in the significant growth in the deposit base and risk asset portfolio.”

Usman stated that during the year under review, the Bank also expanded its support base for the MSME sector with targeted intervention to meet diverse needs of small-scale bourgeoning entrepreneurs.

The Jaiz Chief Executive said the institution also invested hugely in Information Technology (IT) infrastructures; while improving its E-banking channels that made it easier for customers who prefer to bank on the move than through the mundane visitations to banking halls.