New Telegraph

Jaiz bank targets N5.408bn Q4’20 gross earnings

Nigeria’s first non-interest (Islamic) bank, Jaiz Bank Plc, has said it is targeting to achieve N5.408 billion gross earnings in fourth quarter of 2020.

 

The bank In its Q4 earning forecast obtained from the Nigerian Stock Exchange (NSE) also projected to rake in N705.367 million in profit before tax and N634.830 million in profit after tax during the stipulated period. Jaiz Bank reported a profit before tax growth of 33.63 per cent in the first quarter of 2020 (636.7million) compared to corresponding period of 2019 (N476.5 million).

 

Excerpts from its report and accounts for the period ended March 31, 2020, show that the bank’s gross income rose by 43.14 per cent to N4.182 billion as against N2.921billion recorded in the same period of 2019. The balance sheet size of  the bank under review grew by 15.51 per cent as total assets rose to N193.204 billion compared with the 2019 audited financial position of N167.27billion.

 

The first quarter results is a demonstration of the feat achieved at the end of the bank’s financial results for the 2019, where it declared a profit after tax (PAT) of N2.4 billion, representing a massive leap of 193 percent from N834.4 million realized in the corresponding period of 2018.

 

Commenting on the report, the Managing Director/CE, Hassan Usman, said the feat achieved was an outcome of the bank’s deliberate policy to focus on building culture of ethics and taking the necessary decisions to align its perspective with client expectations.

 

He said the result is a proof of the added value of the management’s continuous strive towards making the vank the preferred institution for all stakeholders which was supported by the outcome of the Bank’s maiden external credit rating conducted by the International Islamic Rating Agency.

 

Usman said: “An investment- grade rating of A+ (short term) was assigned to the Bank which is a resounding corroboration of the Bank’s sound financial health. In the years ahead, we shall continue to deepen our engagement with the MSME, agri-businesses across all value chains and focus on unserved markets and the financially excluded segments of our society.

 

This we believe within the current context of our society, shall create an institution that will pass the test of time.”

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