The management of Jaiz Bank Plc has projected that the flagship non-interest bank will post a gross income of N5.41 bn in the fourth quarter with average pre-tax profit per average sales expected at 13.03 per cent.
In a regulatory filing at the Nigerian Stock Exchange, Jaiz, Nigeria’s first non-interest bank and the only publicly-quoted alternative finance institution, predicted that profit before tax would be N705.37m while profit after tax is expected to close the three-month period at N634.83m.
The forecast, signed by the bank’s Chief Financial Officer, Abdulfattah Amoo, indicated that the bottom-line performance was predicated on financing income of N4.94bn and financing expenses of N1.39bn, leaving net revenue from funds at N3.55bn.
Within the three-month period between October and December 2020, the bank is expecting other incomes of about N467.45m, expected to push net operating incomes to N3.85bn.
The ban also recorded operating expenses of N3.14bn and taxes projected at N70.54m, pre- and post-tax profits are expected to close the period at N705.37m and N634.83m.
Jaiz seeks to achieve an overall vision of being the leading non-interest financial institution in sub-Saharan Africa with total income expected to be about N81.17bn and profit after tax at N11.09bn for the five-year period between 2018 and 2022.
The bank outperformed its forecast for the 2019 financial year and the latest forecast fourth quarter 2020 indicated it may surpass the 2020 full-year targets.
According to the forecasts, gross income is expected to rise to N15.73bn, N19.27bn and N23.51bn in 2020, 2021 and 2022. Profit before tax is projected to rise to N3.01bn, N4.03bn and N5.47bn in 2020, 2021 and 2022.
Managing Director of the bank, Hassan Usman, said overall vision of the bank wa to become the leading non-interest financial institution in sub-Saharan Africa.
He said the bank had been positioned to sustain its growth trajectory, pointing out that the bank has the necessary resources to achieve its growth targets.
