Jaiz Bank on Wednesday said that its cash and balance with the Central Bank of Nigeria (CBN) was N21.5billion.
The money, according to the bank’s annual report and 2016 accounts that were presented to its investors in Abuja, in the year under review, hit N2.58billion cash the at hand, the current account of N6.3billion and deposit of N12.6billion, totalling N21.5billion.
It was an improvement over the previous year when the bank recorded total of N18billion cash and balance with the apex bank.
In the year under review, the bank recorded N5.2billion assets, which was an increase from the N4.1billion in 2015.
In terms of taxation, the bank noted posted a total of N77million, stressing that its balance brought forward was N43.8million, prior year tax adjustment N11.2million, and charge for the year N11.7million.
The bank explained that it “operates the unrestricted type of Mudaraba Investment in which the Mudarib (the bank) is authorised by the providers of funds (Rabbul Mal) to invest their fund in the manner which the Mudarib deems appropriate.
“Profits are shared as a common percentage rate rather than a fixed amount. The investments were jointly funded by the bank and the equity of investment account-holders. The account of N1.18billion paid by the bank to the Mudaraba account holders for 2016 financial year.”
According to the report, the bank’s profit for the period under review was N343million in 2016 as it declined from N794million in 2015.
The report said that the Central Bank of Nigeria (CBN) in collaboration with the Federal Government of Nigeria represented by the Federal Ministry of Agriculture and Water Resources (FMA&WR) established the Commercial Agricultural Credit Schemes (CACS).
But during the year, it did not receive any amount for on-lending to customers as specified by the guidelines.
The report said that financing granted under the scheme is for a seven year period at an interest rate of 9% per annum.