JAIZ Bank Posts N2.4bn PAT

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Jaiz Bank Plc has announced a Profit After Tax (PAT) of N2.4 billion for the 2019 financial year ended December 31.

The performance represented a leap of 193 per cent, from the N834.4 million realised in the corresponding period of 2018.

Gross income grew by 80 per cent to N13.5 billion, from N7.5 billion in the previous year.

The bank’s total assets also grew by 54 per cent to N167.27 billion from N108.46 billion.

According to a statement, the bank’s Profit Before Tax (PBT) for the period under review stood at N2.1 billion, representing 135 per cent growth when compared to N879.7 million in 2018.

Commenting on the results, the bank’s Managing Director/Chief Executive, Mr. Hassan Usman said: “The major driving force was the deliberate efforts to satisfy our customers, which was evident in the significant growth in the deposit base and risk asset portfolio.”

In addition, its earning per share surged to 8.30 kobo per share as against 2.83 kobo per share in 2018, signifying an increase of 193 per cent and further attesting to the increasing public interest in Islamic finance products.

However, the bank deepened its support for the MSMEs sector with targeted intervention to meet diverse needs of small-scale bourgeoning entrepreneurs.

It also made significant investment its IT infrastructures and e-banking channels which made it easier for customers who prefer to bank on the move than through the mundane visitations to banking halls.