Jaiz Bank’s gross earnings for the financial year 2021 increased by approximately a third to N25.8 billion from N19.6 billion the previous year, thanks to significant rise in its key performance measures.
According to its audited earnings report released on Thursday, Nigeria’s top non-interest bank set aside N3.7 billion as impairment costs to cover a probable surge in loan defaults.
Other income increased by more than two-fold, from N500.9 million to N1.1 billion, accelerating profit growth.
The institution posted a pre-tax profit of N4.4 billion, up 42.6 percent from the previous year.
Profit for the year increased by over half, from N2.9 billion to N4.3 billion.
The asset value of Jaiz Bank, which follows an Islamic banking style, climbed 19.6% to N279.3 billion during the year.
The board of directors has suggested a dividend payout of N0.04 per share, up from N0.03 in 2020.
Jaiz Bank received a $25 million line of credit from Islamic Corporation in February to distribute to Nigerian small and medium businesses.
On Thursday, shares of Jaiz Bank closed at N0.68 per unit on Lagos Custom Street, with no movement.
Jaiz Bank Plc, is a bank in Nigeria operating under Islamic banking principles and is a non-interest bank. It is the first non-interest bank established in Nigeria.
One comment on “Jaiz Bank: Full-year Profit Up by 48%, Revenue Rises To N26 Billion- Report”
Ahmad Yahaya Shehu
April 3, 2022 at 8:59 amJaiz bank management weldone and keep the flag flying.
Q: I am a shareholder who has seen my share certificate after the last share sells in 2015.
Q: How can I benefit if I have small capital and in need to establish bakery or pure water factory
Q: Lastly, a branch in Minna and Bida respectively (Niger State)