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Jaiz Bank grows half-year profit to N3.8bn

Jaiz Bank grows half-year profit to N3.8bn

Jaiz Bank, a financial institution in Nigeria, has reported a 52.6 percent growth in its profit after tax in the first half of 2023.

According to the banks’ latest financial statements, its profits rose to N3.77 billion in H1 this year from N2.47 billion in the same period of 2022. Its pre-tax profit also increased to N3.93 billion from N2.59 billion.

Gross income from financing and investment transactions increased to N20.4 billion from N14.3 billion. Income from financing contracts contributed the most at N12.8 billion while income from investment activities amounted to N7.56 billion.

The bank’s income from financing contracts increased to N12.78 billion from N9.96 billion while income from investment activities amounted to N7.56 billion from N4.38 billion.

The bank’s fees and commission income rose to N910.9 million from N662.8 million. Its market capitalisation stands at N55.9 billion with a share price of N1.67 as of September 14, with a total volume of 6.29 million. The bank’s shares outstanding amounted to 34.5 billion.

Read also: Nigeria’s biggest banks grow profits by 260% in H1

Other operating income dropped to N79.6 million in H1 this year from N323.66 million in the same period of 2022.

The unrealised exchange loss amounted to N110.3 million from N69.5 million. Total expenses grew to N14.5 billion from N10.5 billion driven by operating expenses, staff costs, depreciation and amortisation.

The bank’s operating expenses increased to N5.35 billion from N3.27 billion. Its staff costs amounted to N4.48 billion from N3.96 billion.

Depreciation and amortisation grew to N634.9 million from N543.1 million. Net cash provided by operating activities stood at a negative of N52.5 billion from a positive of N11.1 billion.

Net cash provided by investing activities stood at a negative of N43.7 billion from N15.6 billion in the comparable periods. Net cash provided by financing activities amounted to N32.3 billion from N51.7 billion.

The cash and cash equivalents amounted to N158.1 billion from N117.1 billion. Basic and diluted earnings per share stood at 10.9 kobo from 7.34 kobo.

The bank operating under Islamic banking principles, is a non-interest bank. It is the first non-interest bank established in Nigeria and is headquartered in Abuja, the capital city of the country. As of December 2012, the bank was a medium-sized, financial services provider in Nigeria.