Jaiz Bank Plc declares N6.6bn profit
By Muhammad Muhammad
A leading non-interest financial institution in Nigeria, Jaiz Bank Plc has pledged to enhance banking services with digital reformation and stimulate robust customers’ relations.
SOLACEBASE reports that the pioneer Islamic bank said it has witnessed significant growth in it’s profit margin and balance sheet in the year 2022, when compared with record of 2021.
Chairman, board of directors, Jaiz Bank, Alh. Mohamamd Mustapha Bintube stated this during the 11th Annual General Meeting (AGM) of the bank held in Kano, on Thursday.
Bintube noted that Jaiz will sustain the momentum on its strategic growth and support especially in the area of innovation, with new products, Medium and Small Entrepreneur and digitalization.
The Chairman attributed the tremendous achievements recorded in the year under review to the strategic investments in digital and fintech transformations, as well as increased in the bank’s operating expenses.
The Managing Director of the bank, Dr. Sirajo Salisu pledged determination of the bank to expand its branches across the country with additional 13 branches from the present 47.
He added that the management is strategically positioned to grow its customer based to 4 million in the next five years.
Meanwhile, despite the global economic and financial turbulence, Jaiz Bank declared a profit margin of N6.6 billion before tax for the 2022 financial year, depicting an increase of N2.4 billion ( 53 per cent) compared to N4.2 billion realized in the corresponding period of 2021.
Similarly, the pioneer Islamic banking institution, recorded 29 per cent increase in it’s gross earnings to N33.43 billion in 2022 from N25.8 billion earned in 2021 just as its net income surged by 33 per cent from N16.9 billion in 2021 to N22.5 billion in 2022 financial year.
In an audited financial report issued during it’s 11th Annual General Meeting (AGM), in Kano, the bank witnessed a total assets increase by 36 per cent of N379.6 billion as at 31st December, 2023, compared to N279.3 billion recorded in the previous year as the institution propelled it’s volume of business transaction and relationship.
Also, with an increase in it’s operating expenses, put at 23.8 per cent to N15.9 billion there was a reduction in the bank’s operating costs indicating a positive cost-to-income ratio of 70.5 per cent compared to 74.5 per cent as seen in the previous year.
As deposited in the bank’s audited financial report for 2022, the net income margin stood at 8.29 per cent as of 31st December 2022, while the capital adequacy ratio has 19.5 per cent, indicating a managed capital, well above the minimum regulatory requirements.
With the quantum leap of 39 per cent in customers deposits liabilities at N291.5 billion in 2022 compared to N209.1 billion in 2021. Jaiz Bank’s total balance sheet size increased by 36 per cent of N379.8 billion against N279.3 billion recorded in 2021.
A shareholder Patric Ajujua, applauded the effective and efficient management of the bank and consistent payment of dividend to shareholder. He urged the management to do more in the area of investment in small and medium scale to creat more job opportunities in the country.
The AGM which drew shareholders from far and near, attracted the representatives of Central Bank of Nigeria, the Nigeria Deposits Insurance Commission (NDIC) among other regulatory agencies in the financial industry.