Jaiz Bank Plc, the Nigerian first fully integrated Non-Interest bank recently released its half year ended June 2020 unaudited result to the public. The result the lender shows a 44 percent rise in Profit After Tax (PAT) to N1.17 billion.
Analysis of the result revealed that the growth in half year 2020 profit of the bank was induced by a 38 percent rise in Income from Finance Contract and a 28 percent rise in Fee and Commission Income.
Here are the highlights of the H1 2020 results published by Jaiz Bank Plc
• Net Income from Finance Contract up by 38% YoY to N6.28 billion from N4.55 billion
• Loan Loss Charges was up to N0.96 billion from N0.29 billion in H1 2019
• Net Fees and Commission Income up by 28% YoY from N0.58 billion to N0.74 billion
• Other Operating Income was 0.18 billion in H1 2020 from a -0.01 in H1 2019
• Staff Cost was up by 71% YonY to N2.12 billion from N1.24 billion
• Operating Expenses up by 3% YoY from N2.34 billion to N2.34 billion in Q1 2020
• Profit Before Tax up by 48% YoY to N1.35 billion from N0.91 billion
• Post Tax Profit also up by 44% YonY to N1.17 billion from N0.81 billion in Q1 2019
The Balance Sheet size of Jaiz Bank Plc also had 6 months impressive growth for the period ended 30 June 2020. Total Assets grew 12% to N186.63 billion in June 2020 from N167.27 billion in December 2019. Finance and Investment grew by 23% in the 6 months period.
Customer Deposit however declined by 3% from N69.6 billion in December 2019 to N67.7 billion as at June 2020. Owners Equity remains flat at N15.6 billion.