Jaiz Bank, the premier non-interest bank in Nigeria, has reported Profit Before Tax of N636.7m (33.63 per cent) in the first quarter of this year, when compared to N476.5m realised in the corresponding period of 2019.
From its financial statement for the period ended March 2020, the bank’s gross income rose by 43.14 per cent to N4.182bn as against N2.921bn recorded in the same period last year.
The balance sheet size of the bank under review grew by 15.51 per cent as total assets rose to N193.204bn compared with the 2019 audited financial position of N167.27bn.
The bank’s Q1 result is a demonstration of the feats achieved at the end of 2019, where it declared a Profit After Tax of N2.4bn, representing a massive leap of 193 per cent from N834.4m realised in 2018.
Commenting on the report, the Managing Director/Chief Executive Officer, Hassan Usman, said the feats were achieved as a result of the bank’s deliberate policy to focus on building a culture of ethics and taking the necessary decisions to align its perspective with client expectations.
He added that the result was a proof of the management’s continuous push towards making the bank the preferred institution for all stakeholders.
