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Jaiz Bank makes 37.17% profit in 10th anniversary

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Jaiz Bank makes N4.21b profit YoY

By Jeph Ajobaju, Chief Copy Editor

Jaiz Bank marked its 10th year of founding with a profit before tax (PBT) of N4.21 billion in full year ended December 2021 (FY 2021), a 37.17 per cent year on year (YoY) rise above N3.07 billion in FY 2020.

The pioneer Non-Interest Bank began operations on 6 January 2012 with three branches in Abuja, Kaduna, and Kano. It has since expanded to other cities, including Lagos, the jewel of Nigeria’s commercial enterprise.

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The unaudited financial results of Jaiz Bank filed with Nigerian Exchange Group (NGX) also shows that

  • Gross Income jumped 31.76 per cent from N19.61 billion in FY 2020 to N25.84 billion in FY 2021.
  • Total Asset grew 19.62 per cent from N233.58 billion to N279.42 billion
  • Shareholders’ Funds rose 14.84 per cent from N17.85 billion to N20.50 billion
  • Earnings Per Share increased 21.62 per cent from 9.85 kobo to 11.98 kobo

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Nairametrics reports that Jaiz Bank has consistently delivered remarkable results in the past four years, clearly reaffirming its continuous growth trajectory, being the leader in Nigeria’s Non-Interest Banking orbit.

Managing Director/ Chief Executive Officer Hassan Usman attributed the achievements to its footprints across the country coupled with strong ambition to provide excellent service to customers while meeting their financial needs.

He congratulated the board, management, and staff on the achievements, acknowledging the hard work of staff, excellent service delivery to customers, and support from shareholders.

Backdrop

Despite the huge cost of pioneering, Nairametrics adds, Jaiz Bank broke even within the first three years of operation, unprecedented at the time.

From a modest Balance Sheet of N12 billion in 2012, it closed FY 2020  at N278 billion (Total Assets & Contingents) after growing all other performance indices exponentially over the years.

Jaiz Bank has made remarkable impact in empowering women, driving financial inclusion and supporting various strata of businesses in agriculture, real estate, construction, oil and gas, commerce, and other segments of the real sector.

It has been ranked by the Islamic International Rating Agency (IIRA) which gave it an investment grade rating of BBB.  It has also been rated by Agusto (BBB), GCR  (BBB), and Fitch.

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