• Tuesday, February 27, 2024
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Jaiz Bank’s profit rises by 96%, hits N6.4bn

Jaiz Bank’s profit rises by 96%, hits N6.4bn

Jaiz Bank, a non-interest banking institution in Nigeria, saw its profit after tax surge by 96 percent in the first nine months of 2023, new data surveyed by BusinessDay has revealed.

An analysis of the company’s financial statement showed the firm’s profit after tax rose to N6.41 billion in the first nine months from N3.27 billion recorded in the corresponding period of 2022.

The surge in profits was driven by a robust growth in core income streams.

A breakdown of the statement revealed that income generated from financing contracts was N19.3 billion, marking an increase from N15.4 billion in 2022.

Similarly, income from investment activities, including trading assets, Sukuk, and Interbank Murabaha rose to N11.8 billion from N6.97 billion.

The bank achieved gross earnings of N33.0 billion, a 39.60 percent increase compared to N23.67 billion.

Operating under Islamic banking principles, the Bank derives its earnings primarily from investing and financing activities.

Fees and commissions for the period amounted to N1.78 billion, reflecting an increase from N1.02 billion, driven by Letters of Credit/trade finance income.

Total expenses for the period under review amounted to N15.9 billion, up from N12.12l billion

Notably, the bank recorded a foreign exchange loss of N84.0 million, compared to a loss of N64.6 million.

As of September 30, the bank’s total deposits stood at N405 billion, an increase of 63 percent from N248 billion.

The balance sheet experienced a 68 percent growth over 12 months, closing at N546 billion as of September 30.

Net cash provided by (used in) operating activities recorded a loss in the period under review, amounting to N84.3 billion, in contrast to N11.1 billion.

Net cash provided by (used in) investing activities also recorded a loss of N60.0 billion, compared to N15.6 billion.

Net cash provided by (used in) financing activities amounted to N51.7 billion in the period under review, slightly lower than the N51.7 billion.

Cash and cash equivalents for the period amounted to N193.1 billion from N117.1 billion.