Jaiz Bank Plc, Nigeria’s premier non-interest (Islamic) bank has released its 2019 audited results for the period ended December 31, 2019, declaring a Profit After Tax (PAT) of N2.4 billion. The figure, according to a statement from the bank, represents a remarkable leap of 193 per cent from N834.4million realised in the corresponding period of 2018.
In the report submitted to the Nigerian Stock Exchange (NSE), the bank declared a 135 per cent growth in Profit Before Tax (PBT) for the period under review from N879.7million as at December 31, 2018 to N2.1billion as at December 31 2019. Key extracts of the report showed that Gross Income grew by 80 percent to N13.5billion as at December 312019 from N7.5billion in the previous year, while the bank’s Total Assets also grew by 54percent to N167.27billion from N108.46billion.
Attesting to the increasing public interest in Islamic finance products, the earning per share of the Bank surged up to 8.30 kobo per share as against 2.83 kobo per share in 2018, signifying an increase of 193 per cent.
Commenting on the performance, Managing Director/Chief Executive, Hassan Usman said “the major driving force for the result was the deliberate efforts to satisfy our customers, which was evident in the significant growth in deposit base and risk asset portfolio.” During the year under review, the bank deepened its support for the MSME sector with targeted intervention to meet diverse needs of small-scale bourgeoning entrepreneurs.