Jaiz Bank posts 52.6% growth in PBT to N6.67bn

By Philemon Adedeji

Jaiz Bank, a quoted public company on the Nigerian Exchange Limited (NGX), known as a bank Operating under Islamic banking principles and is a non-interest bank.

Jaiz Bank Plc has reported its unaudited results for the period ended December 31, 2022, reporting 52.6 per cent increase in Profit Before Tax (PAT) to N6.67 billion in full year 2022 from N4.37 billion accounted in the comparable period of 2021.

From the released statement under the platform of Nigerian Exchange Limited (NGX), the group Profit After Tax (PAT) increased stronger to a remarkable 41.6 per cent to N6.086 billion in 12 months of 2022 from N4.299 billion in 12 months of 2021.

From the profit and loss figures the group gross earnings surge by 29.35 per cent to N33.4 billion in 2022 as against N25.84 billion in 2021.

As usual, Jaiz Bank grew its balance sheet by a decent 36.61 per cent from N279 billion in 2021 financial year to N378 billion in full year 2022.

Earnings per share (EPS) recorded for the period grew marginally by 27.7 per cent to 17.62 Kobo in 12 months of 2022 from 13.8 Kobo achieved in the corresponding period.

The Managing Director, Jaiz Bank, Dr Sirajo Salisu commented that the 2022 results are a testimony that Islamic finance is increasingly gaining acceptance in Nigeria with Jaiz Bank leading the market with bouquet of value adding products and services.

He noted that the bank has continued to make outstanding progress despite the headway, including the fluctuating currency rate and the effects of the current Russia and Ukraine war on the entire world.

According to him, the bank has consistently delivered remarkable results in the last four years, which clearly is a reaffirmation of its continuous growth trajectory, being the leader in the Nigeria’s non-interest banking space.

Jaiz Bank has projected gross earnings of N9.78 billion for the first three months of 2023 as the management of the bank indicated that it would sustain impressive Profit margins while driving top-line performance.