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Jaiz Bank Posts N834.4m Profit After Tax In 2018

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Jaiz Bank Plc has announced a Profit -After- Tax (PAT) of N834,366 million for the year ended 31 December, 2018, representing a 55 per cent increase from the N537,117 million posted in 2017.

The bank’s Profit -Before -Taxation (PBT) also increased minimally from N894,006 million (2017) to N897,702 million in 2018 from a gross earnings of N8,744,322 billion in the year under review.

The figures were announced at the 7th annual general meeting of the bank in Abuja yesterday.
The bank’s basic earnings per share was put at 2.83 Kobo based on the profit of N897.7 million (2017: N894.01 million) attributed to shareholders with ordinary share of 29,464,249 million.

The bank has recorded steady growth of 20 per cent in the last few years. “The bank’s performance in 2018 once again demonstrates our ability to deliver sustainable value for our shareholders,” chairman of the bank’s board of directors, Dr. Umaru Abdul Mutallab remarked.

A staller increment of 25 per cent was re corded for balance sheet size in 2018 to N109 billion.
Total customer deposits surged by 25 per cent from N68 billion in 2017 to N85 billion in year 2018. The increase was attributed to improved customer confidence.

According to the audited financial report of the bank, there was an increase in Income-Generating Assets by 37 per cent from N50.64 billion in December 2017 to N69.18 billion by December 2018.

Dividends were not shared to shareholders. Mutallab, who told the shareholders that the board had proposed the payment of dividend for the reporting period, said the financial regulators stopped them from doing so until it improved upon some specific performance benchmarks such as capital buffers and reduction in non-performing risk assets.

The bank recorded a 24 per cent increase in its total assets as at December ended, 2018. The value of the assets rose to N108,462,458 billion from N87,312,609 billion in 2017, with a total equity of N13,109,162 billion.

Speaking at the AGM, managing director/chief executive of the bank, Hassan Usman, said the management seeks to continuously redefine standards in all it does. He said they were poised to creating a responsible business that better meets its customers’ needs and a culture where its employees put customers first.

Usman said the aim is to become the clear “leader of ethical banking in Sub-Saharan Africa as such we strive to be the best financial service provider for customers to bank, for employees to pursue careers and for shareholders to invest.”
The bank’s directors were re-elected.

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