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Jaiz Bank’s half-year profit rises by 295%


Jaiz Bank Plc says its post-tax profits increased by 295 per cent in the first quarter of 2019. The latest statement released by the non-interest bank confirmed this.

Its records released to the Nigerian Stock Exchange on the half year, which ended on June 30, 2019, also showed that the bank’s gross earnings rose by 41 per cent, while pre-tax profits increased by 292 per cent.

The half-year report indicated that profit before tax increased to N907m from N231m, while net profit after tax rose to N816m from N207m in the corresponding period of 2018.

The statement added that the bank grew its total income by 41 per cent from N4.47bn as of June 2018 to N6.31bn at the end of June 30, 2019, while earning per share rose by 225 per cent from 0.78 kobo to 2.77 kobo.

The balance sheet was strengthened during the period with total assets rising by 33 per cent from the previous year end position of N108.46bn to N144bn.

The Managing Director of the bank, Mr Hassan Usman, noted that the result had consolidated the growth trajectory of Jaiz Bank, adding that it was set to end the year positively.

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