Jaiz Bank Grows Profit Before Tax To N11.2bn

Jaiz Bank Plc has released its 2023 full-year financial results and unaudited financial statements for the period ended March 31, 2024, to the Nigerian Exchange Group (NGX).

The bank reported a profit before tax of N11.2 billion in 2023, a significant increase from the N6.9 billion recorded in 2022. Additionally, the bank posted a profit before tax of N6.0 billion in Q1 2024, representing a 278  increase over the N1.6 billion recorded in the corresponding period ended March 2023.

The bank’s finance and investment portfolio grew by 16 per cent, from N357 billion as of December 2023 to N415 billion in March 2024, while deposit liabilities increased by 11 per cent, from N466 billion in December 2023 to N518 billion in March 2024.

Jaiz Bank’s balance sheet remains well-structured, diversified, and resi ient, with total assets and shareholders’ funds closing at N671 billion and N39 billion, respectively. The Capital Adequacy Ratio (CAR) remains robust at 15.91 per cent, while asset quality continues to improve.

Commenting on the results, the bank’s chief executive officer, Haruna Musa, said:

“Our 2023 and first quarter 2024 results reflect the commitment of the board and management to continually add value to our customers through bespoke ethical finance. We are well-positioned to compete effectively on all fronts and meet our customers’ needs through fair and ethical financing. Despite the challenging operating environment, we continue to enhance our performance across all indices, recording significant growth in both financial and non-financial metrics. 

We remain on track to become the leading ethical bank in Africa.

Looking ahead, Haruna Musa remarked: “We will continue to focus on strengthening our relationships with loyal customers and attracting new ones, supporting not just individuals and businesses but also our communities through digital platforms and innovative products and services. We are confident in our journey to lead the future of ethical finance in Africa and will not relent in our commitment to excellence while delivering long-term value to all stakeholders.”

Overall, Jaiz Bank continues to deliver superior metrics, with a return on average equity (ROE) of 61.38 per cent, a return on average assets (ROA) of 3.60 per cent, and a capital adequacy ratio (CAR) of 15.91 per cent.