Business

Jaiz Bank records more than 45% increase in annual profit

Jaiz Bank Plc, the premier Non-Interest Bank in Nigeria 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.

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.

Read Also: Military and security agencies hold joint operations in Akwa Ibom

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.

Similarly, 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.

The Managing Director, Mr. Hassan Usman said the Bank’s growth strategy focuses on the real sector of the economy, especially the Small and Medium Enterprises (SMEs) and financial inclusion.

Usman said: “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 and regulatory requirements.”

The MD 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.

Show More

Leave a comment

Back to top button