The top non-interest bank in Nigeria, Jaiz Bank, has forecast N6.7 billion in profit before taxes for 2022. Profit Before Tax (PBT) increased significantly from N4.37 billion in December 2021 to N6.67 billion in December 2022, according to the Bank’s financial statement provided to the Nigerian Exchange Group.

“The gross earnings rose by 29.35 per cent from N25.84 billion in 2021 to N33.4 billion in 2022. Profit before tax grew by 52.63 per cent from N4.37 billion in 2021 to N6.67 billion in 2022. After profit, net earnings per share increased by 27.69 per cent from 13. 8 kobo in 2021 to 17. 62 kobo in 2022,” the 12-month results for the period ended December 31, 2022 indicated.

“During the period under review, the Bank’s Total Asset grew by 35.61% from N279. 27bn as at end of December 2021 to N378.69bn at the end of December 2022. While the Jaiz’s Earning per share for the period under review also grew by 27.69%, from N13. 8 kobo as at end of December 2021 to N17. 62 kobo as at end of December 2022.”

Last week, the Managing Director/CEO, Dr. Sirajo Salisu, commented on the financial success and said, “The result is a testimony that Islamic finance has gained acceptance among its stakeholders in Nigeria. The bank has made outstanding progress despite the fluctuating currency rate and the effects of the current Russia/Ukraine war on the entire world.”

Similar to this, Jaiz Bank is one of seven banks that spent over N173.99 billion on employees in a single year, with personnel expenditures increasing from N7.40 billion to N8.10 billion.

Additionally, the bank’s management stated in its most recent forecast for the period ending March 31, 2023 that the bank would maintain exceptional profit margins while enhancing top-line performance, estimating that before and post tax profits would be N1.40 billion and N1.26 billion, respectively. In line with the highest industry margins, this suggests a pre-tax profit margin of 14.3% and a net profit margin of 12.9%.

The top alternative financing institution’s total assets increased to N325.06 billion as the bank maintained double-digit growths across key performance indicators, according to the interim report.

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