Nigeria’s non-interest Jaiz Bank grows profit by 45% to N3.07b – Nigeria’s premier non-interest bank, Jaiz Bank Plc recorded double-digit growths across key performance indicators in 2020, with pre-tax profit rising by 45.31 per cent to N3.07 billion in 2020.
Key extracts of the audited report and accounts for the year ended December 31, 2020 showed that profit before tax rose from N2.11 billion in 2019 to N3.07 billion in 2021. Gross earnings had risen by 33.29 per cent from N14.71 billion in 2019 to N19.6 billion in 2020. Profit after tax increased from N2.44 billion in 2019 to N2.90 billion in 2020. Earnings per share increased from 8.29 kobo in 2019 to 9.85 kobo in 2020.
The bank’s total assets rose by 40 per cent to N233.59 billion in 2020 as against N167.27 billion in 2019. While return on equity stood at 17.2 per cent, securing a place for the bank among the top-four quoted banks with the highest return to shareholders in the country.
Managing Director, Jaiz Bank Plc, Mr. Hassan Usman said the 2020 result further reaffirms the growth trajectory witnessed by the bank over the last three years.
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He said the bank’s growth strategy focuses on the real sector of the economy, especially the Small and Medium Enterprises (SMEs) and financial inclusion.
“We shall continue to develop new customers, new markets and new products for both our physical and virtual channels. We remain committed to continuously up-scaling our governance mechanism to meet best practice and regulatory requirements,” Usman said.
He noted that while the bank would continue to expand its operations across the country by opening more branches while significantly leveraging on technology to reach its target markets across the nation and bring the underbanked and unbanked population into the formal economy.
