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Jaiz, pioneer non-interest bank, grows first-quarter profit by 244%

Jaiz Bank
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Jaiz Bank Plc, Nigeria’s premier non-interest lender, grew first-quarter by 244 percent, it confirmed on Sunday.

Profit-after tax rose to N428.68 million in first three months of 2019, from N124.58 million in same period a year earlier, the bank said in a statement it submitted to the Nigerian Stock Exchange.

Earnings rose 38.5 percent to N2.59bn within the period, from N1.87bn in the same period in 2018, the bank said. Earnings per share nearly tripled to N1.4 kobo per share from 0. 50 kobo per share.

The first-quarter performance further consolidated the growth trajectory of the alternative banking pioneer and raised strong prospects of Jaiz Bank substantially surpassing its full-year performance in 2018 in the current business year.

The net profit in first quarter 2019 is more than half of the full-year net profit recorded in 2018.

Jaiz Bank recently released its audited report for the year-ended December 31, 2018, showing a 55 per cent growth in net profit to N834.37 million. Gross earnings rose by 11 per cent from N7.86bn in 2017 to N8.74bn in 2018.

 

HARRISON EDEH, ABUJA

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