Jaiz Bank reports 45.31% increase in PBT

By Kayode Tokede

Jaiz Bank Plc, a non-interest Bank has declared a Profit Before Tax of N3.07 billion for the 2020 financial year, an increase of 45.31 per cent over N2.11 billion recorded in 2019.

In a statement by the bank, “Gross Earnings from the Report and Accounts for the year ended December 31, 2020, showed a 33.29 per cent growth from N14.71 billion in 2019 to N19.6 billion in 2020.”

The Bank’s Total Assets during the year under review was N233.59 billion as against N167.27 billion realized in the previous year, representing a 40 per cent growth.

Similarly, there was a leap in the Profit After Tax (PAT) from N2.44billion in the preceding year to N2.90 billion for the year ended December 31, 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, securing a place for the Bank among the top-4 quoted banks with the highest return to Shareholders in the country.

The 2020 result further reaffirms the growth trajectory witnessed by the Bank over the last 3 years.

The Managing Director, Mr Hassan Usman said the Bank’s growth strategy focuses on the real sector of the economy, especially the Small and Medium Enterprises (SMEs) and financial inclusion.

Usman 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.”

The MD noted that while the Bank would continue to expand its operations across the country by opening more branches, it will significantly leverage technology to reach its target markets across the nation and bring the underbanked and unbanked population into the formal economy.