Jaiz Bank declares N6.6bn profits in one year

Jaiz Bank Plc, one of Nigeria’s leading financial institutions, has declared an N6.6 billion profit before tax for the 2022 financial year, an increase from the sum of N4.11 billion realised in the corresponding period of 2021.

According to Musbahu Bashir, the acting chairman of the bank, the sustained positive performance of the bank over the twelve–months period was affirmed by the Bank`s investment–grade rating by Fitch, Agusto & Co and GCR, which assigned BBB+, BBB and BBB- on the bank respectively.

He said that rating was a reflection of the Bank’s financial stability, capital adequacy, good asset quality, adequate liquidity management, diversified portfolio, good corporate governance, and improved competitive position as a niche player in the highly competitive banking industry.

Further findings showed other key financial indices of the bank such as total assets also grew by 36 percent from N279.28 billion in 2021 to N379.50 billion in 2022 while Total deposits grew by 37.28 percent from N209 billion in 2021 to N291.52 billion in 2022.

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Shareholders’ Funds also grew by 22 percent from N24.31 billion in 2022 to N29.58 billion in 2021.

The acting chairman explained that the overall performance was recorded as against a difficult operation environment occasioned by rising oil prices in the year, and general global economic downturn that brought down the annual GDP of Nigeria to 3.1percent, as against the previous level of 3.4 percent.

He further explained that the performance recorded within the period coincided with the conclusion of a five-year journey into strategic planning implemented by the bank, a move that help lift the bank to a leadership position in the non-interest banking sector in Nigeria.

“It was also a period that galvanised the realization of our vision of becoming the clear leader in ethical banking in sub-Saharan Africa which is the basis of our existence as a bank dealing in ethical finance.

“It was a feat made possible by the collective efforts of the entire Stakeholders, Shareholders, the Board, Management, and Technical Partner, and of course, our greatest asset the staff,” Bashir noted.

With the performance, the shareholders at the AGM, approved the sharing of a dividend of 5 Kobo per share, as proposed by the Board of Directors of the bank for the concluded financial year.