Nigeria’s premier non-interest bank, Jaiz Bank Plc has grown its nine-month by most in five years as income from its businesses surged.
The Bank saw its nine-month profit surge 57.3 percent to N2.91 billion in the period ended September 30, 2021 from N1.85 billion reported in the same period of 2020. This is the highest nine-month profit the bank has reported on record.
Jaiz’s total income for the period under review grew by 34.33 percent to N13.03 billion in the nine months ended September 30 from N9.70 billion in the comparable period of the previous year.
Hassan Usman, Managing Director, Jaiz Bank Plc, said that the bank’s consistent growth in earnings is a reassurance to all stakeholders and the investing public, while it reinforces the status of the bank as the pioneer and leading non-interest bank in Nigeria.
He assured that the bank is determined to maintain the remarkable earnings growth for the rest of the year by leveraging on technology and the expansion of its retail banking portfolio.
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The bank’s performance in the period under review was fuelled by income from fees and commission, financing & Investment transactions and other operating income.
Income from investing contracts jumped 26.19 percent to N15.13 billion in the review period from N11.99 billion in the same period last year.
Further analysis of the report shows that Jaiz’s other operating income surged to N375.34 million in 2021 from N275.44 million in 2020.
Also, the Bank’s income from fees and commission was up 178.56 percent to N864.47 million in the review period from N310.33million in 2020.
The banks’ performance was despite the 28.76 percent increase in its operating expense. It increased to N9.76 billion in the nine-month of 2021 from N7.58 billion the previous year.
Meanwhile, the Bank’s earnings per share for the period under review jumped by 44.75 percent from 6.28 kobo in 2020 to 9.09 kobo in the comparable period of 2021.
