Jaiz Bank Plc, Nigeria’s only non-interest bank with a vision “To be the clear leader in ethical finance in sub-Saharan Africa” and with the business philosophy “…to deliver world-class sharia-compliant financial services to our clientele irrespective of class, creed, race or religious belief and to contribute to the socio-economic development of the society. The bank recently released it Q1, 2019 financial report to the Nigerian Stock Exchange (NSE).
A review of the report revealed significant growth in the banks top and bottom lines in the first quarter of 2019 that resulted in more that 200 percent growth in the bank’s profit for first quarter of 2019.
Detail ofJAIZ Bank Plc Q1 results is as follows:
- Income from Financial Contribution grew by 39 percent to N2.59 billion in Q1, 2019 from a reported Q1, 2018 figure of N1.87 billion.
- Share of Equity Investor grew by 52 percent to N2.11 billion for N1.39 billion in Q1, 2018.
- Jaiz bank plc Net Fee and Commission income increased by 6 percent from N267 million in Q1, 2018 to N284 million recorded in Q1, 2019.
- Impairment Loss Charges grew by 300 percent from N30 million in 2018 Q1 to N120 million in Q1, 2019.
- Profit Before Tax also grew by 224 percent to N476 million from N147 million in Q1, 2018.
- After Tax Profit increased by 245 percent from N124 million in Q1, 2018 to N428 million in Q1, 2019.
Jaiz Bank Plc Asset Base Q on Q increased to N120 billion in March 2019 from N108 billion in December 2018, representing a 11 percent growth. Customer Deposit grew by 7 percent to N60.28 billion in Q1, 2019 from N56.27 billion as at 2018 FY end. The bank’s Shareholders Funds remained same at N13 billion.