Jaiz Bank recorded a good performance in the first quarter of 2019 as it grew profit by 244 per cent and improved on its cost efficiency and risk management.
Key extracts of the three-month report for the period ended March 31, 2019, released to the Nigerian Stock Exchange (NSE) shows that gross earnings rose by 38.7 per cent while pre and post-tax profits jumped by 225.08 per cent and 244.19 per cent respectively. Earnings per share rose by 190 per cent.
The three-month report indicates that gross earnings rose to N2.59bn in first quarter 2019 as against N1.87bn in first quarter 2018. Gross profit grew by 51.9 per cent, increased from N1.39bn to N2.11bn.
Its profit before tax jumped from N146.57m to N476.46m. After taxes, net profit rose to N428.68m in first quarter 2019 compared with N124.58m in first quarter 2018.
Consequently, earnings per share increased to 1.45 kobo in first quarter 2019 as against 0.50 kobo in corresponding period of 2018.
Jaiz Bank recently released its audited report and accounts for the year ended December 31, 2018, showing 55 per cent growth in net profit to N834.37m. Gross earnings rose by 11 per cent from N7.86bn in 2017 to N8.74bn in 2018.
Profit before tax increased from N894.01m to N897.70m. After taxes, net profit rose from N537.12m to N834.37m.
The balance sheet shows stronger underlying strength during the period. Total assets rose by 24 per cent from N87.31bn to N108.46bn. Deposits also grew by 25 per cent from N68.12bn in 2017 to N85.03bn in 2018.
The Managing Director of the bank, Mr. Hassan Usman, said the 2018 results further demonstrated that the bank had the capacity to grow sustainably in line with its strategic vision of becoming the leading non-interest bank in Sub-Saharan Africa by 2022.
He assured that while maintaining steady focus on elements that contributed to improved performance in 2018, the bank would work harder to optimise its potential in order to deliver better returns in 2019.
