The first non-interest bank in Nigeria, Jaiz Bank Plc, reported double-digit growth in all performance indices during the first quarter (Q1) of the 2023 fiscal year.
The Bank also said, “an unaudited profit result that it had recorded 44.55 per cent profit growth in its pre and post-tax, showing that the gross income had risen by 38.3 per cent as at the end of the first quarter March 31st, 2023.”
“The gross income rose to N9.88 billion in Q1 2023 as against N7.2382 billion in Q1 2022.” Similarly, a profit before Tax (PBT) of N1.59 billion, a year-on-year increase of 45.62 per cent over the N1.10 billion reported in Q1 2022.
The Bank started a number of initiatives in 2023 to improve efficiency and realign its business and strategic priorities, which led to a notable increase in the size of the balance sheet, which went from N379.82 billion by December 2022 to N452.82 billion by March 2023.
Earlier, the Bank had predicted pre-tax profits of N1.40 billion and post-tax profits of N1.26 billion for the fiscal year ending March 31, 2023.
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