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JAIZ declares 73% pre-tax profit growth in nine months

JAIZ declares 73% pre-tax profit growth in nine months

Jaiz Bank Plc, one of Nigeria’s non-interest banks, has recorded a pre-tax profit of ₦6.68billion in nine months, which ended September 30, 2023.

The result signifies a year-on-year profit before tax growth of 73.72% compared to the same period in 2022.

The bank also achieved gross earnings of N33.04billion, which reflects an increase of 39.60% compared to the N23.67billion reported in 2022.

Jaiz Bank, operating under Islamic banking principles, primarily derives its earnings from investing and financing activities. As of September ending, the bank’s total deposits stood at N405billion, representing a remarkable growth, of 63% over N248billion recorded in the corresponding period in prior year.

Read also; Jaiz Bank declares N6.6bn profits in one year

The balance sheet grew by 68% over12 months to close at N546billion as at 30th September, 2023. These results reflect the Bank’s contribution to the growth of Nigeria’s economy through its’ Islamic financing and investment activities in the real sector.

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

Jaiz Bank’s strong financial performance is a positive indicator of its continued growth and success in the banking sector.

The bank said it remains resolute in leveraging on continued investment in its most valued asset (human resources), advanced technological infrastructure and more efficient processes in serving its ever growing customer base.