Jaiz Bank Plc, Nigeria’s foremost Non Interest Bank increased Post Tax Profit by 640% in Q3 2019.
The bank impressive growth in the bottom lines was occasioned by a Year-on-Year (YoY) 376% growth in Income from Investment Activities which is majorly it’s investment in the federal government Sukuk fund.
Income from Finance Activities also grew by 11% YoY. Other Income lines however dropped as seen in the result released to the public by the bank. Operating expense including Loan Loss and grew significantly during the period.
Here are the highlights of the Q3 2019 results released by Jaiz Bank Plc recently
- Income from Finance Activities up by 11% YoY from N4.6 billion to N5.1 billion in Q3 2019
- Income from Investment Activities up by 376% YoY from N890 million to N4.2 billion in Q3 2019
- Net Fee and Commission Income down by 8% YoY from N989 million to N914 million in Q3 2019
- Other Operating Income down by 82% YoY from N244 million to N45 million in Q3 2019
- Net Credit Loss Expense was up by 570% YoY from N100 million to N670 million in Q3 2019.
- Total Operating Expenses down by 27% YoY to N6.2 billion from N4.9 billion in Q3 2018
- Profit Before Tax up by 509% YoY to N1.5 billion from N241 million in Q3 2018
- Post Tax Profit also up by 640% YoY from N162 million to N1.25 billion in Q3 2019.
The Earning Per Share of Jaiz Bank Plc increased from 55 kobo per share in September 2018 to 214 kobo per share in September 2019.
The Balance Sheet size of Jaiz Bank Plc had an impressive 9 months growth for the period ended 31st September 2019.
- Total Assets up by 40% from N108 billion in December 2018 to N152 billion in Q3 2019
- Customer deposits also up by 24% from N46 billion to N57 billion in Q3 2019.
- Jaiz Bank’s Total Equity was flat at N13.1 billion.