Jaiz Bank Posts 73% Pre-Tax Profit Growth in Nine Months
By Patience Ikpeme
Jaiz Bank Plc, Nigeria’s pioneer non-interest bank, has recorded a pre-tax profit of N6.68 billion in the nine months ended September 30, 2023, representing a year-on-year growth of 73.72%.
The bank also achieved gross earnings of N33.04 billion, up 39.60% from N23.67 billion in the same period last year.
Jaiz Bank operates under Islamic banking principles and primarily derives its earnings from investing and financing activities. As of September 30, 2023, the bank’s total deposits stood at N405 billion, a growth of 63% over the N248 billion recorded in the corresponding period last year.
The bank’s balance sheet also grew by 68% over 12 months to close at N546 billion as at September 30, 2023.
In a statement, the bank said its performance reflects its contribution to the growth of the Nigerian economy through its Islamic financing and investment activities in the real sector.
“Jaiz Bank’s strong financial performance is a positive indicator of its continued growth and success in the banking sector,” the statement added.
The bank said it remains resolute in leveraging on continued investment in its human resources, advanced technological infrastructure, and more efficient processes in serving its ever-growing customer base.
Overall, Jaiz Bank’s performance is a positive development for investors and analysts. The bank is well-positioned to benefit from the ongoing economic recovery in Nigeria.
