Jaiz Bank’s Half Year Profit Rises By 51%

Jaiz Bank Plc, Nigeria’s pioneer non-interest Bank, has announced its unaudited results for the six months ended June 30, 2023 with a Profit After Tax (PAT) of N3.9 billion. 

In a statement released to the Press yesterday, the Bank declared that it had recorded a 51 per cent increase in its PAT when compared with N2.4 billion recorded in the corresponding period ended June 2022. This implied a net profit margin of 27.3 per cent within the top-bracket of the industry margins.

The half year results show gross income risen by 41.9 per cent to 20.3 billion against 14.3 billion recorded for the corresponding period ended June 2022.

The Bank’s balance sheet remains well-structured and robust closing at 452.8 billion in H12023 compared 379.8 billion in H12022 representing 19.2% increase.  

Also, Deposit Liabilities increased by 28.8 percent from 299.4 billion recorded as at December 2022 to 375.3 billion in June 2023.

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While the earnings per share rose by 54.9 per cent from 7.34 kobo to 11.3 kobo when compared with the corresponding period ended June 2023. 

The results show an increase in key revenue lines and a strong performance in other financial metrics which reinforced the Bank’s growth prospects as the leading Non-Interest Bank in Nigeria.

It would be recalled that the Bank declared an impressive 68% PTA with balance sheet size jumping by 36% at its recent Annual General Meeting (AGM) in Kano. 

During the AGM, Jaiz Bank reported that in year 2022, it revenue increased substantially by 29% and that income also rose by 33%.

Also, the Bank declared annual dividend which in 2022 grew by 25% to 5 kobo per share compared to the previous year, implying that the share price of the Bank has crossed 1 Naira for the first time since inception. 

On customers’ deposits, the Bank recorded a N291.5 billion in funds representing a growth of 37% during the year under review.