From Uche Usim, Abuja
Jaiz Bank Plc on Friday declared N979.17 million profit for the first quarter ended 31 March, 2021.
The financial statement, which was released to the Nigerian Stock Exchange, shows that the bank’s gross revenue increased by 43% over the same period last year, from N4.18 billion to N5.99 billion. Profit before taxation increased significantly by 54% which amounted to N979.17 million as against N636.69 million recorded in the same period last year.
According to the bank, the consistent earnings result was reassuring to all stakeholders and the investing public that would brace the tape strongly at the end of the current financial year in December 2021.
Jaiz Bank, as the premier non-interest bank in Nigeria is expected to maintain the remarkable earnings streak and its leading position of the non-interest banks in Nigeria.
Leveraging on technology and the expansion of its retail market drives, the Bank is set to meet its profit forecasts and dividend promise to its shareholders.
In the last financial year Jaiz Bank paid out over N833 million as dividend to its shareholders. Meanwhile, the bank’s earnings per share increased from 1.88 kobo in the first quarter of 2020 to 2.82 kobo in the first quarter of 2021.
Speaking on the result, the Managing Director if Jaiz Bank, Mr Hassan Usman said that the result reflects its positive outing in 2020, where it recorded a Profit Before Tax of N3.07 billion. He assured that with this development and despite the pandemic, the Bank is positioned to maintain this positive outlook for the whole year.