By Kayode Tokede
Jaiz Bank Plc, the only non-interest bank on The Nigerian Stock Exchange (NSE) has reported 72 per cent increase in profit after tax for financial year ended December 31, 2017 to N537 million as against N311.27 million reported in 2016.
The lender’s profit before tax also gained 160.6 per cent to N894 million as against N343 million over increased 29.4 per cent increase in Total Income.
Total income moved from N4.88 billion in 2016 to N6.3 billion in 2017 while Gross Income from financing transactions rose by 26.7 per cent to N6.9 billion from N5.5 billion in 2016.
However, the bank total assets hit N87.3 billion in 2017, an increase of about 32 per cent from N66.05 billion reported in 2016.
The Chairman, Jaiz Bank, Dr. Umaru Mutallab in a statement said, “2017 was a year of mix challenges as the economy was recovering from post-recession with consumer confidence yet to revert to pre-crisis level.
“This led to some sharp adjustments in the system but, overall, financial markets were resilient and offered positive returns for investors in 2017.
“Jaiz Bank again delivered record results, benefiting from our unique business model and, in particular, the strength of our organic retail growth. Profit before Tax increased to N894 million in the year 2017 as against N343million reported in the corresponding period of 2016, showing an impressive growth of 161 per cent.
The current result has a Gross Income from financing of N6.24 billion, up from N5.29billion posted in the corresponding period of 2016. Analysis of our income for the period indicated that the Bank realized N1.76billion from Non-Financing Income, compared with N0.71billion in 2016. Income from Sukuk also soared from N189 million (in 2016) to N371 million (in 2017), while Fees and Commissions jumped by 99 percent from N394million to N749 million.
“In addition, our Customer Deposits grew to N68.115billion in 2017, from N50.283 billion in 2016, while total assets hits N87.31billion in 2017, compared to N66.05 billion in the corresponding period of 2016.
“My Fellow Shareholders, from our performance trajectory over the years, you can see that our Bank is taking those sustainable and steady “baby steps” that will lead to “giant strides”. And above all, the “giant strides” are bound to happen very soon.”