Nigeria’s premier and leading non-interest bank, Jaiz Bank Plc sustained impressive growths across key performance indicators in the 2023 business year and first quarter of 2024, raising prospects that the bank would surpass its previous performance in the new business year.
Key extracts of the audited report and accounts of Jaiz Bank for the full-year ended December 31, 2023 and the interim report for the three-month period ended March 31, 2024 released at the Nigerian Exchange (NGX) showed significant growths in actual and underlying performance indices.
The full-year report showed that gross earnings rose by 42 per cent from N33.2 billion in 2022 to N47.2 billion in 2023. Profit before tax jumped by 66.7 per cent from N6.63 billion in 2022 to N11.05 billion in 2023. After taxes, net profit grew by 63.4 per cent from N6.88 billion to N11.24 billion. Earnings per share thus rose by 63.3 per cent to 32.53 kobo in 2023 as against 19.92 kobo in 2022.
The balance sheet of the bank expanded by 52.7 per cent from N379.82 billion in 2022 to N580.13 billion in 2023. Customers’ current deposit increased by 59.41 per cent from N140.81 billion to N224.46 billion. Also, customers’ unrestricted investment accounts rose from N150.6 billion to N242.1 billion. Shareholders’ funds rose by 32 per cent from N29.8 billion to N39.3 billion.
The first quarter 2024 results showed a stronger start to the new business year with pre-tax profit rising by 275 per cent from N1.6 billion in first quarter 2023 to N6 billion in first quarter 2024. Profit after tax jumped by 300 per cent to N5.84 billion in first quarter 2024 as against N1.46 billion in first quarter 2023. Gross earnings had grown by 67 per cent from N9.88 billion to N16.51 billion. Earnings per share consequently increased from 4.61 kobo in first quarter 2023 to 16.92 kobo in first quarter 2024.
The balance sheet also emerged stronger with total assets closing March 2024 to N670.98 billion compared with N580.13 billion recorded in December 2023. The bank’s finance and investment portfolio grew by 16 per cent from N357 billion in December 2023 to N415 billion in March 2024. Deposit liabilities also increased by 11 per cent from N466 billion in December 2023 to N518 billion in March 2024.
Underlying ratios showed improved profitability and operating efficiency, with return on average equity (ROE) of 61.38 per cent. Return on average assets (ROA) stood at 3.60 per cent while capital adequacy ratio (CAR) stood at 15.91 per cent.
Managing Director, Jaiz Bank Plc, Haruna Musa said the bank’s 2023 and first quarter 2024 results reflected the commitment of the board and management to continually add value to customers through bespoke ethical finance.
He said the bank was well-positioned to compete effectively on all fronts and meet customers’ needs through fair and ethical financing.
According to him, despite the challenging operating environment, the bank continues to enhance its performance across all indices, recording significant growth in both financial and non-financial metrics.
“We remain on track to become the leading ethical bank in Africa. We will continue to focus on strengthening our relationships with our customers while attracting new ones, supporting not just individuals and businesses but also our communities through digital platforms and innovative products and services.
“We are confident in our journey to lead the future of ethical finance in Africa and will not relent in our commitment to excellence while delivering long-term value to all stakeholders,” Musa said.
Credit: thenationonlineng.net
