Nigeria’s biggest non-interest lender’s half year profit soars 44% to N1.171bn

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Jaiz Bank Plc, Nigeria’s premier non-interest (Islamic) bank has recorded a 44 percent growth in its first half profit margin to N1.171 billion amidst Covid-19 lockdown as it continues to improve its cost efficiency and risk management.

As contained in the Bank’s half year results submitted to the Nigerian Stock Exchange (NSE), profits for the period increased from N814.3 million in half year 2019 to N1.171 billion in Ju e 30, 2020, signifying 43.87 percent increase.

Similarly, the Bank’s balance sheet size increased by 11.57 percent from ₦167.273 billion as at December 31, 2019 to ₦186.625 billion at the end of June 30, 2020.

The total income for the period grew by 29.3 percent from N4.82 billion as at June 2019 to N6.23 billion at the end of June 2020, while earning per share rose by 174.48 percent from ₦1.45 in the first half of 2019 to ₦3.98 in the first half of 2020.

Commenting on its performance, Managing Director of the Bank, Hassan Usman, said the half year results further demonstrated that the Bank has the capacity to grow sustainably as large number of people are interested in it due to its ethical requirements.

He further assured that while maintaining steady focus on elements that contributed to improved performance thus far, he is hopeful that the Bank will end the year compared to the feat attained in 2019.

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