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JAIZ Bank Grows Profits Up by 67%

By Oluchukwu Ikemefuna

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Jaiz Bank profit increased by 300% year on year in the first quarter of financial year 2024. This is according to the Islamic lender’s unaudited financial statement posted on the Nigerian Exchange (NGX) on Sunday.

Jaiz Bank Profit Journey From 2023 to 2024

According to its financial statements, the Islamic lender’s gross earnings surged to N16.508 billion in Q1. This reveals a year-on-year increase of more than 67% from N9.878 billion in the equivalent period in 2023. The gross income from financing and investing transactions was N15.516 billion. This is up by more than 64% year on year, from N9.434 billion in the comparable period. 

Jaiz Bank Profit

Jaiz Bank boosted its share as an equity investor to N11.488 billion in Q1-2024 from N6.075 billion 12 months earlier, translating to more than 89% year-on-year growth in income.

The bank’s total income rose year on year to N12.479 billion in the period. This is over 91% more than the N6.519 billion reported for the same period in 2023. Moving in line with inflation conditions, operating expenses climbed by 31.4% year on year to N6.479 billion from N4.930 billion a year ago.

Consequently, the non-interest bank’s profit before tax also increased to N6 billion in Q1-2024. This is amidst a relatively steady tax expenditure. This indicates an impressive 278% increase from the N1.588 billion.

Jaiz Bank Profit Growth, A Result Of Right Decisions Made in Banking Activities

The improvement and positive implementations made in financing activities in the first quarter contributed to the impressive yield. Additionally, non-interest earnings contributed to the robust increase.

The bank listed several factors that led to the increase, including corporate and retail Murabaha profit. The organization also stated that net revenue from e-business boosted the year’s profit. 

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

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Abdullahi Kafayat
Abdullahi Kafayat

Abdullahi Kafayat is an enthusiastic writer interested in the tech world. She's a graduate of Obafemi Awolowo University and has a BSc in Chemistry. You can reach her at Kafayatabdullahi17@gmail.com.

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