Jaiz Bank, a non-interest Bank in Nigeria, has projected a profit after tax of N4.3 billion in the first quarter of 2024, according to its latest earnings forecast on the Nigerian Stock Exchange.
The projection indicates a 61.7 percent increase from N2.66 billion recorded in Q3 last year. Other income is projected to be N886.94 million compared to N8.26 billion. Income from financing and investment is projected to reach N16.3 billion, as against N10.76 billion in Q3.
The firm projected a profit/loss before tax of N4.78 billion and its gross earnings to be N17.18 billion.
The three-month financial report for September 2023 indicated 186 percent increase in profit after tax to N2.66 billion compared to N930.87 million in the corresponding quarter of 2022.
Total expenses surged to N5.51 billion in Q3 from N4.35 billion in the same period of 2022. Net cash flows before changes in working capital declined to N10.62 billion from N12.15 billion.
Net cash provided by operating activities stood at a negative of N84.3 billion from a positive of N11.11 billion. Net cash provided by investing activities stood at a negative year-on-year to N60.03 billion from N15.55 billion.
Net cash provided by financing activities dropped to N51.7 billion from N51.73 billion.
Sterling Holdings also projected a rise in its profit after tax of N7.02 billion in Q1, indicating a 38.2 percent increase from N5.08 billion recorded in the third quarter of 2023.
Other income is projected to be N16.62 billion compared to N4.09 billion recorded in Q3. Interest income is forecasted to reach N56.58 billion from N41.3 billion recorded in the third quarter of 2023.
Interest expense is projected to be N21.97 billion from N17.94 billion recorded in Q3. Operating expenses is projected to be N37.96 billion, and a projected cash/bank balance at the end of the period of N260.16 billion.
The firm projects its profit/loss before tax of N7.84 million and its gross earnings to be N73.12 billion.
The three-month financial report for September 2023 indicated a marginal 7.80 percent increase in profit after tax, reaching N5.80 billion compared to N5.38 billion in the corresponding quarter of 2022.
Personnel expenses rose to N6.51 billion in Q3, up from N4.55 billion in the same period of 2022.
In Q3, net cash flows from operating activities turned negative at N15.8 billion, contrasting with the positive N37.56 billion recorded in the corresponding period of 2022.
Net cash flows from investing activities also turned negative, amounting to N110.5 billion in Q3, compared to N34.84 billion in the same period of 2022.
Net cash flows from financing activities increased to N31.14 billion in Q3 from a negative N4.99 billion recorded in the corresponding period of 2022.
Sterling Holdings’ cash and cash equivalents at the end of the period decreased to N211.76 billion from N222.86 billion in Q3.
Another company, C&I Leasing, a leasing and business services conglomerate in Nigeria projected profit after tax to be N178.05 million in Q4, a 2.7 percent increase from N173.26 billion in the third quarter of 2023.
The conglomerate projects N5.96 billion as revenue compared to N6.31 billion in Q3. Profit before tax is projected to decline to N303.9 million, compared to N339.09 billion recorded in Q3.
Cash from operating activities is projected to be N2.63 billion, cash flow from investing activities is projected to be at a loss of N384.37 million, and cash flow from financing activities is projected to also be at a loss of N2.01 billion. Cash and balance at the end of the year is projected to be N558.9 million.