Jaiz Bank grows profit by most in six years on higher income

Nigeria’s premier non-interest bank, Jaiz Bank Plc has grown its half year profit by most in six years as income from financing contracts surged.

The Bank saw its profit surge 70.6 percent to N1.99 billion in the first half of the year compared to N1.17 billion in the same period last year.

Jaiz’s total income for the period under review grew by 42.1 percent from N6.23 billion as at the end of June 2020 to N8.86 billion at the end of June 2021.

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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Income from financing contracts jumped 57.5 percent to N7.17 billion plunged to N4.55 billion in the same period last year.

Income from investing contracts also grew N31.8 billion to N4.47 billion compared to N3.45 in the periods under review.

Further analysis of the report shows that Jaiz’s other operating income surged 29.6 percent to N226 million compared to N179.5 million.

The Bank’s profit before tax rose 70.8 percent to N2.29 billion compared to 1.34 billion as at June 2020.

Meanwhile, the Bank’s earnings per share for the period under review jumped by 70.3 percent from 3.89 kobo in the first quarter of 2020 to 6.78 kobo at the end first quarter of 2021.