Jaiz Bank Plc, Nigeria’s second Non-Interest Bank, the first to be licensed until recently when Taj Bank Limited secured Central Bank of Nigeria (CBN) approval to operate.
Jaiz Bank H1 2019 results was recently released to the Nigerian Stock Exchange (NSE) The half year 2019 result revealed a 294 percent increase in the Bank’s Net profit.
302 percent growth in Investment Income was seen to be responsible for the huge profit growth. Income from Sukuk Investment makes up about 82 percent of the bank’s investment income.
Other details of Jaiz Bank H1 2019 results are as follows
- Net Income from Finance Contract up by 63% from N2.61bn in H1 2018 to N4.26bn
- Fees and Commission Income down by 7% to N576mn from N617mn in June 2018
- Income form Sukuk Investment up by 291% from N509mn to N1.99bn in June 2019
- Investment Income up by 302% from N599mn to N2.41bn in June 2019
- Total Income up by 42% to N4.82bn from N3.39bn in June 2018
- Total Expenses up by 24% from N3.16bn to N3.91bn in June 2019
- Profit Before Tax up by 292% from N231.2mn to N906.9mn in June 2019
- Profit After Tax up by 294% from N206.7mn in June 2018 to N815.7mn
The balance sheet size of the bank as seen from the Jaiz Bank H1 2019 result also shows an impressive growth on both asset and liability
- Total Asset up by 33% from 108.5bn in December 2018 to N144bn
- Customer’s Deposit up by 23% from N45.9bn in december 2018 to N56.4bn
- Equity of Investment Account Holders also up by 28% from N39.1bn in December 2018 to N50.1bn
See also: Jaiz Bank Q1 performance