Despite the COVID-19 headwinds, non-interest (Islamic) bank, Jaiz Bank Plc, has posted a Profit Before Tax growth of 33.63 per cent in the first quarter of 2020, translating to N636.7 million, when compared to what was realized in the corresponding period of 2019 (N476.5 million).
Key excerpts from its report and accounts for the period ended March 31, 2020, shows that the bank’s gross income rose by 43.14 per cent to N4.182 billion as against N2.921 billion recorded in the same period of 2019.
The balance sheet size of the bank under review grew by 15.51 per cent as total assets rose to N193.204 billion compared with the 2019 audited financial position of N167.27 billion.
The first-quarter results are a demonstration of the feats achieved at the end of the bank’s financial results for 2019, where it declared a Profit After Tax (PAT) of N2.4 billion, representing a huge leap of 193 per cent from N834.4 million realised in the corresponding period of 2018.
Commenting on the report, the Managing Director of Jaiz Bank, Hassan Usman, said that 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 said the result is a proof of the added value of the management’s continuous strive towards making the bank the preferred institution for all stakeholders which was supported by the outcome of the bank’s maiden external credit rating conducted by the International Islamic Rating Agency.
Usman said: ‘An investment-grade rating of A+ (short term) was assigned to the Bank, which is a resounding corroboration of the Bank’s sound financial health. In the years ahead, we shall continue to deepen our engagement with the MSME, agri-businesses across all value chains and focus on unserved markets and the financially excluded segments of our society. This we believe within the current context of our society shall create an institution that will pass the test of time.’
