Jaiz Bank GI Hits N16bn, 26% Increase YoY

Jaiz Bank’s profit rose to more than 14 percent in the third quarter of this financial year, according to its latest regulatory filing on the Nigerian Exchange, NGX. The strong bottom line was supported by healthy income from financing contracts which printed at N15.62 billion, about 46.12 percent above the N10.69 billion reported in the comparable period last year.

In the non-interest banking space in Nigeria, Jaiz Bank controls over 62 percent of assets, which is supported by its robust gross income of N23.74 billion as at end of September 2022 from N18.78 billion at the end of September 2021, representing 26.34 percent increment.

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According to the report released by the Islamic Bank, the unaudited results show that profit for the period increased by 14.59 percent from N2.99 billion declared in September 2021 to N3.26 billion at the end of September 2022. Supported by growth in other operating income, fees, and commission receipts, Jaiz Bank’s total income jumped by 23 percent to N16.03 billion in September 2022 from N13.02 billion in September 2021.

The outing pushed earnings per share higher by 6.16 percent, from 9.09 kobo for the third quarter of 2021 to 9.65 kobo at the end of the third quarter of 2022.

The bank’s positive earnings result is undoubtedly reassuring to all stakeholders and the public. It underscores the role of Jaiz as the leader in the Non-Interest Bank in Nigeria, financial experts say.

Speaking on the results, the Managing Director/ chief executive officer of the bank, Dr. Sirajo Salisu, said the Bank remained committed to providing value-creating ethical banking services to its growing customer base.  He assured that the Bank is positioned to continue its remarkable earnings streak for the remainder of the year, by leveraging on technology and extending its touch points across the country.