Jaiz Bank grows asset to N34bn in 2013

Jaiz Bank Plc, the first full-fledged non-interest bank in Nigeria, has grown its assets to N34 billion at the end of 2013 financial year from N14 billion in 2012, representing a growth rate of 141 percent.

Umaru Abdul Mutallab, chairman of the bank, said in his statement read at the second annual general meeting on Thursday in Abuja that the bank financed activities worth N9.3 billion in the year under review, signifying 365 percent increase over the previous year.

Equally, he said customer deposits witnessed significant growth reaching N21.9 billion, representing 567 percent increase over the previous year.

“These results are assuring and indicate that this alternative banking is feasible notwithstanding the difficult operating environment,” Mutallab said.
Muhammad Nurul Islam, the managing director of the bank, also said the bank is hopeful of getting its national operating licence before the end of the third quarter which will enable it operate in all the 36 states of the federation.

He said Jaiz Bank currently has 13 branches spread across 8 states in North West, North East and Federal Capital Territory, Abuja and will open at least 4 more branches before the end of the year.

He further emphasised that the bank’s focus is on exceptional customer services, stressing that Jaiz only recently launched its internet banking platform to complement its service delivery channels.