Jaiz Bank grows Q3 profit by 44%

Jaiz Bank grows Q3 profit by 44% – JAIZ Bank Plc, Nigeria’s premier non-interest bank, grew pre-tax profit by 44 per cent to N2.13 billion in the third quarter.

Key extracts of the nine-month results for the period ended September 30, 2020, which was submitted to the Nigerian Stock Exchange (NSE), showed that profits before tax was N2.13 billion compared to N1.47 billion realised in the corresponding period of 2019, representing a 44.4 per cent

According to the results, profits after tax was N1.85 billion as at the end of September 30, 2020, compared to N1.25 billion earned at the end of September, 2019, which shows an increase of 47.72 per cent.

A breakdown of the results shows that total assets of the bank as at September 30, 2020 was N210 billion compared to N167 billion in the corresponding period of 2019, which was a 25.67 per cent  increment.

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The bank declared N13.65 billion gross income at the end of September 30, 2020, compared to N9.37 billion in the corresponding period of 2019, a 45.71 per cent growth.

The bank’s earnings per share increased by 48 per cent from 4.25 kobo in September 30, 2019 to 6.28 kobo as at September 30, 2020.

Commenting on its performance, its Managing Director, Mr. Hassan Usman said the third quarter results further demonstrated the Bank’s capacity to grow sustainably in line with its strategic vision of becoming the leading non-interest bank in Sub-Saharan Africa.

He further assured that while maintaining steady focus on elements that contributed to improved performance thus far, this trend would be maintained in the last three months of the financial year, barring unforeseen circumstances.