Jaiz Bank Declares N794million Profit Before Tax

Nigeria’s first Islamic bank, Jaiz Bank plc, has posted N794.2 million as profit before tax for the financial year 2015.

The profit represented 526 % growth when compared with the 2014 figure of N126.8million.

Chairman of the Bank, Umaru Mutallab, who spoke at the Bank’s Annual General Meeting in Abuja, said that the finance income showed an expansion in financing business.

He said that the financial result demonstrated continued growth and operational efficiency of the management of the bank.

Mutallab disclosed that the bank would soon open its branches across the country and sub-sahara Africa.

Meanwhile, the Board of Directors of Jaiz Bank Plc at its Annual General Meeting, yesterday, appointed Hassan Usman as the substantive managing director to run the affairs of the bank.

His appointment was, however, subjected to the approval of Central Bank of Nigeria, CBN.