The premier Non-Interest Bank in Nigeria, Jaiz Bank Plc, has declared a Profit Before Tax of N3.07 billion for 2020 financial year, a 45.31% increase over N2.11 billion recorded in the previous year. This was disclosed on Wednesday in a statement on its accounts for the year ended December 31, 2020 titled ‘Jaiz Bank posts more than 45 per cent increase in annual profit.’
Gross Earnings from the Report and Accounts for the year ended December 31, 2020 showed a 33.29% growth from N14.71 billion in 2019 to N19.6 billion in 2020.
The Bank’s Total Assets during the year under review was N233.59 billion as against N167.27 billion realized in the previous year, representing a 40% growth.
Also, there was a leap in the Profit After Tax from N2.44 billion in the preceding year to N2.90 billion for the year ended December 31, 2020.
Earnings Per Share increased from 8.29 kobo in 2019 to 9.85 kobo in 2020. While Return on Equity for the year under review stood at 17.2%, securing a place for the Bank among the top-4 quoted banks with the highest return to Shareholders in the country.
The 2020 result further reaffirms the growth trajectory witnessed by the Bank over the last 3 years.
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The Managing Director, Mr. Hassan Usman stated that 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 andregulatory requirements.”
Hassan Usman
He noted that while the Bank would continue to expand its operations across the country by opening more branches, it will significantly leverage on technology to reach its target markets across the nation and bring the underbanked and unbanked population into the formal economy.
The basic principle of Islamic banking is the sharing of profit and loss and the prohibition of riba´ (interest).
Islamic finance is a long-established financial transaction system involving all forms of economic assets that complies with the Islamic law (Shariah) principles and is guided by Islamic economic principles. It is based on the concept of fair distribution of resources and social justice.
There is a room for Islamic banking to grow. Islamic financial institutions present various products and services that can cater for the needs of the banking public Nigerians as captured herein.
