Jaiz Bank Reports Strong Financial Performance
…Aims to Be Africa’s Leading Ethical Bank
By Patience Ikpeme
Jaiz Bank Plc has announced impressive financial results for the full year 2023 and the first quarter (Q1) of 2024. The bank has demonstrated consistent growth and a commitment to ethical banking practices.
The bank reported a profit before tax of ₦11.2 billion for the full year 2023, a significant increase from the previous year’s ₦6.9 billion. This positive trend continued in Q1 2024, with a profit before tax of ₦6.0 billion, a remarkable 278% jump compared to Q1 2023.
The bank’s core business activities appears to be flourishing. Jaiz Bank’s financing and investment portfolio grew by 16% to ₦415 billion in March 2024, compared to ₦357 billion in December 2023. Deposits also saw an increase of 11%, reaching ₦518 billion in March 2024 from ₦466 billion in December 2023.
Jaiz Bank maintains a solid financial position. The bank boasts total assets of ₦671 billion and shareholders’ funds of ₦39 billion, demonstrating a well-structured, diversified, and resilient balance sheet. Furthermore, the bank’s Capital Adequacy Ratio (CAR) remains healthy at 15.91%, indicating a strong ability to absorb potential losses. Additionally, Jaiz Bank is experiencing continuous improvement in asset quality.
Jaiz Bank’s Chief Executive Officer, Haruna Musa, expressed his satisfaction with the results. He emphasized the bank’s dedication to providing “bespoke ethical finance” to its customers. Mr. Musa highlighted Jaiz Bank’s commitment to fair and ethical financing practices, allowing them to compete effectively and meet customer needs. He pointed out that the bank is achieving growth across various metrics despite a challenging economic environment. Looking ahead, Mr. Musa remains confident in Jaiz Bank’s position to become the leading ethical bank in Africa.
Jaiz Bank plans to solidify its position by strengthening relationships with existing customers and attracting new ones. The bank will continue to support individuals, businesses, and communities through innovative products, services, and digital platforms. Mr. Musa expressed unwavering confidence in Jaiz Bank’s journey to lead the future of ethical finance in Africa. The bank remains dedicated to delivering long-term value to all stakeholders while upholding its commitment to excellence.
