Jaiz Bank said on Wednesday that it recorded 220 per cent increase in its income in 2014 from N0.91 billion to N2.9 billion during the bank’s Annual General Meeting in Abuja.
Dr Umaru Mutallab, Chairman, Board of Directors of the bank, said the bank’s total assets leaped by double digits by 24 per cent from N33.9 billion in 2013 to N42 billion in 2014.
He said the total earning assets grew by about 114 per cent from N11.5 billion to N24.4 billion.
He noted the bank had driven itself and broken even in spite of the fact that there was no platform yet for it to make income from its treasury management activities.
This, he said, was due to the absence of sharia compliant liquidity instruments in the market.
He expressed optimism on the outlook for the 2015 financial year in spite of the seeming challenges.
” We expect to regain business and consumers confidence following the successful completion of 2015 general elections.”
” We hope that the Central Bank of Nigeria’s regulation will gear towards creating a level playing ground by providing adequate compliant instruments to support our operations,”Mutallab said.
He further said the bank was hopeful that it would be granted licence by the CBN to enable it to operate nationally.
The Managing Director of Jaiz Bank, Mohammad Islam said the bank was hopeful that it would declare dividend by the end of 2016 operation.
Islam said the bank was optimistic that the change in administration would bring in new `SUKUK’ that would help expand non-interest institutions like the bank.
Some shareholders of the bank commended the bank’s effort and also suggested ways that would further improve the level of income of the bank.
One of the shareholders, Dr Farouk Umar, said the bank had to recapitalise because if it continued at the level it was, it would not make progress.
He urged the bank’s management to look into the size of the board, its tenure and encourage shareholders to invest more into the bank.
Goodluck Akpure of Christ Tempo Ministry International, Benin, commended the management of the bank and urged more people irrespective of their religion to invest in the bank.
Also, Hajia Amatul Oshodi advised the bank to strive to spread nationally, saying that majority of the bank’s branches was situated in the northern part of the country.
Oshodi also stressed the need for the bank to be gender friendly.
Another shareholder, Zainab Oladapo, said it was difficult for other banks to transfer money to Jaiz Bank.
Oladapo noted if the bank resolved the issue, it would help increase the bank’s income.
NAN
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