Jaiz Bank Plc, a non-interest bank in Nigeria, said its profit before tax rose by 45.31 per cent to N3.07bn as of the end of 2020 financial year, from N2.11bn recorded in the corresponding period of 2019.
It disclosed this on Wednesday in a statement on its accounts for the year ended December 31, 2020 titled ‘Jaiz Bank posts more than 45 per cent increase in annual profit’.
The bank’s gross earnings showed a 33.29 per cent growth from N14.71bn in 2019 to N19.6bn in 2020.
Total assets during the year under review was N233.59bn from N167.27bn realised in 2019, representing a 40 per cent growth.
It added that the profit after tax rose from N2.44bn in the preceding year to N2.90bn as of the end of 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 per cent.
The 2020 result reaffirmed the growth trajectory witnessed by the bank over the last three years, it said.
The Managing Director, Mr Hassan Usman, said the bank’s growth strategy focused on the real sector of the economy, especially the small and medium enterprises and financial inclusion.
He 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.”