Jaiz posts N9.9bn earnings in 1st quarter

Jaiz Bank Plc, Nigeria’s pioneer non-interest bank, has declared gross earnings of N9.88 billion in the first quarter of 2023. In a statement yesterday, the bank’s unaudited results indicates  that it had recorded 44.55 per cent profit growth in its pre and post-tax, showing that the gross income had risen by 38.3 per cent as […]

Jaiz Bank Plc, Nigeria’s pioneer non-interest bank, has declared gross earnings of N9.88 billion in the first quarter of 2023.

In a statement yesterday, the bank’s unaudited results indicates  that it had recorded 44.55 per cent profit growth in its pre and post-tax, showing that the gross income had risen by 38.3 per cent as at end of the first quarter on March 31, 2023.

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The statement reads in part: “Gross income rose to N9.88bn in Q1 2023 as against N7.2382b in Q1 2022. Also, Profit Before Tax (PBT) reached N1.59bn, a year-on-year increase of 45.62 per cent over the N1.10bn reported in Q1 2022.”

It added that, “The bank initiated several measures to pursue greater efficiency and to realign our business and strategic priorities resulting to a significant growth in the balance sheet size from N379.82bn by December, 2022, to N452.82bn by March, 2023,”

It would be recalled that the bank’s pre and post-tax profits forecast for the period ending March 31, 2023, was estimated at N1.40bn and N1.26bn respectively.

This implied a pre-tax profit margin of 14.3 per cent and net profit margin of 12.9 per cent within the top bracket of the industry margin.