Jaiz Bank Plc, Nigeria’s first and one of two Non-Interest bank has announced a Post Tax Profit of N1.79 billion for the year ended 2019 financial period. The figures were contained in the bank’s financials (Unaudited) released to the public. The result was published by the Nigerian Stock Exchange (NSE) recently.
The Jaiz Bank Q4 2019 result revealed a trend conversant with the bank’s financials. A superlative growth in Profit but majorly on the income from the bank’s investment in Federal Government Sukuk Investment. Income from Sukuk Investment grew by over 300 per cent over 2018 income as the bank pushed Pre Tax Profit growth to 136 per cent.
Here are the highlight of the Jaiz Bank 2019 annual result:
- Income from Investment activities (including Sukuk) up by 397 per cent from N1.22bn in Q4 2018 to N6.06 bn in Q4 2019
- Income from Finance Activities also up by 19% from N6.29bn in Q4 2019 to N7.4 bn in Q4 2019.
- Net Fee and Commission Income up by 2 per cent from N0.99bn in Q4 2018 to N1.01bn in Q4 2019
- Other Operating Income was down by 12 percent from N0.24bn in 2018 Q4 to N0.19bn in 2019 Q4
- Impairment Charges was N1.16bn in Q4 2018 compared to recovery of N0.23bn in Q4 2018.
- Operating Expenses up by 44 per cent in Q4 2019 from N2.74bn to N3.94bn
- Staff Cost up by 38 per cent from N2.81bn in Q4 2018 to N3.89bn in Q4 2019
- Profit Before Tax up by 136 per cent from N0.89bn in Q4 2018 to N2.1bn in Q4 2019
- Profit After Tax also up by 116 per cent to N0.83bn in Q4 2019 from N1.79bn in Q4 2018
The Balance Sheet size of Jaiz Bank had a very encouraging growth in 2019 financial year as Assets grew by 54 per cent from N108.5bn to N166.8bn. Customer Deposit also grew by 47 per cent to N69.6bn in Q4 2019.
Shareholders Equity however remains flat at N13.11 billion.