JAIZ Bank grows profit by 67%

Jaiz Bank Plc grew its profit before tax by 67 percent to N11.1bn in 2023.

The bank disclosed this in a statement on Monday as it filed its 2023 audited results on the Nigeria Exchange Limited portal.

Jaiz Bank is a pioneering non-interest bank in Nigeria, providing ethical services to individuals, and corporate and government entities since 2012.

The bank improved gross earnings by 42 percent to N47.2bn from N33.2bn in 2022

The bank identified several variables, including corporate and retail Murabaha profit and net revenue from e-business, as contributing to its rise.

The board of directors of the bank proposed a dividend of four Kobo per unit, subject to shareholders’ approval.

Its balance sheet rose to N580bn from N12bn in the prior year, driven by financing and investment assets also grew from about N30bn to N357bn in 2023.

Meanwhile, Jaiz Bank has projected a profit after tax of N4.91bn in the second quarter of 2024, while eyeing N19.32bn as gross earnings.