Jaiz Bank Plc, Nigeria’s premier non-interest, bank has recorded a 44 per cent growth in its first half profit margin to N1.171bn amid the Coronavirus Disease, as it continues to improve its cost efficiency and risk management.
As contained in the Islamic bank’s half year results submitted to the Nigerian Stock Exchange, profits for the period increased from N814.3m to N1.171bn in June 30, 2020, signifying 43.87 per cent increase.
Similarly, the balance sheet size increased by 11.57 per cent from N167.273bn as at December 31, 2019 to N186.625bn as at June 30, 2020.
The total income for the period grew by 29.3 per cent from N4.82bn to N6.23bn, while earning per share rose by 174.48 per cent from N1.45 in the first half of 2019 to N3.98.
Commenting on its performance, the Managing Director, Hassan Usman, said the half-year results further demonstrated that the bank had the capacity to grow sustainably as large number of people are interested in it due to its ethical requirements.
He further assured that while focusing on elements that contributed to improved performance thus far, he was hopeful that the bank would end the year better than it did in 2019.
