Jaiz Bank Declares 73% Profit-before-tax Growth In 9 Months

Jaiz Bank Plc, Nigeria’s leading non-interest bank, has reported strong financial performance in the nine months ended 30th September 2023, recording a pre-tax profit of N6.68 billion for the period.

The result released yesterday, signified a year-on-year profit before tax growth of 73.72 per cent compared to the same period in 2022.

The Bank also achieved gross earnings of N33.04 billion, which reflects a significant increase of 39.60 per cent compared to the N23.67 billion reported in 2022.

Jaiz Bank, operating under Islamic banking principles, primarily derives its earnings from investing and financing activities.  

As of 30th September 2023, the Bank’s total deposits stood at N405billion, representing a remarkable growth of 63 per cent over N248 billion recorded in the corresponding period in prior year.

The Balance sheet grew by 68 per cent over 12 months to close at N546 billion as at 30th September, 2023. These results reflect the Bank’s contribution to the growth of Nigeria’s economy through its’ Islamic financing and investment activities in the real sector.

Jaiz Bank’s strong financial performance is a positive indicator of its continued growth and success in the banking sector.

The Bank said it remains resolute in leveraging on continued investment in its most valued asset (human resources), advanced technological infrastructure and more efficient processes in serving its ever growing customer base.