Jaiz Bank Grows Post-tax Profit By 629% In Q3

By Nse Anthony-Uko
(Sundiata Finance) – Jaiz Bank Plc, on Monday declared profit after tax (PAT) of N776.6 million for the third quarter ended September 30, 2017, representing an increase of 629 per cent when compared with N107.1 million recorded in the corresponding period of 2016.

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The Bank’s result released on the Nigerian Stock Exchange (NSE) recorded N4.5 billion income from financing investment compared to N3.9 billion recorded in the previous year while gross income from Islamic financing was N4.9 billion against N4 billion in the year before.

The bank also recorded total income of N4.8 billion in contrast to N3.3 billion reported in the fiscal year 2016. Total assets rose to N82 billion from N62.7 billion in the year 206 while total liabilities was N35.7 billion versus N22.2 billion in the year before.

Speaking recently at the ‘Facts Behind the Bank’s Listing on the NSE’ in Lagos, chairman of Jaiz Bank Plc, Dr. Umar Abdul Mutallab said, “The bank is for all Nigerians and not just for Muslims alone. It is for all religious groups in the country. Our shareholders cut across all segments of the society. Any person can buy the shares here on the NSE. The bank is here to bring all Nigerians together; the only thing is that the bank does not pay interest on nor invest in anything that is regarded harmful.”

The managing director/CEO of the bank, Mallam Hassan Usman said, “The bank has diversified investors and before listing had 30,000 shareholders. The shareholders invested based on certain Islamic principles. We are non-interest bank but not a non-profit entity. Our model of banking is non-interest but profit making.

“Basically, we earn income in range of products and services that can broadly be classified into three typologies. We make profit from sales, partnership and lease. We are anticipating having a payout ratio dividend to our shareholders of not less than 50 per cent over our current plan period in 2018.

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