Jaiz Bank grows profit by 312.3% in first half

…as MD lauds board, management

Jaiz Bank Plc recorded a well-rounded performance in the first half with significant growths in income and profitability.

Key extracts of the interim report and accounts of Jaiz Bank for the six-month period ended June 30, 2017, showed that gross income grew by 45.7 per cent, while profit rose by 312 per cent.

Gross income rose to N3.08billion in first half 2017, as against N2.11b recorded in comparable period of first half 2016. Profit jumped from N114.04 million in first half 2016 to N470.19m in first half 2017. Jaiz Bank, as a pioneer, is still under a tax waiver for pioneer.

The bank’s gross income from Islamic financing had grown by 26.7 per cent to N3.25b in first half 2017, as against N2.563b in first half 2016. The bank’s share as a Mudarib or equity investor also grew by 33.7 per cent from N1.99b to N2.66b.

Indeed, the report showed that the bank grew its total assets to N80.662b in the half year of 2017 compared to N65.230b in the corresponding period of 2016. The bank’s shareholders’ fund also increased from N11.302b in the first half of 2016 to N15.248b in the first half of 2017.

Managing Director, Jaiz Bank Plc, Hassan Usman attributed the impressive performance in the first half to the support from the board, management and staff of the bank and the commitment to the business model which is hinged on a better life for all stakeholders.

“The results attained so far are already proofs that we are doing better than 2016. This year will define how we move forward; we are in the process of creating a five-year plan that will further define our identity in the Nigerian banking space. We have ambitious ideas about what we would like to be, and the board and the shareholders are committed to ensuring we become a formidable player in the market,” Usman said.

He said the bank would in the second half focus on opening more branches in different parts of the country and fostering its strategy of providing retail banking to a large segment of the society who are desirous of its products and services.

“We are focused on building on our culture of ethics and taking the necessary decisions to align our perspective with client expectations,” Usman said.