Jaiz Bank sees 47.7% rise in PAT to N1.85Bn in Q3

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Jaiz Bank Plc, Nigeria’s premier non-interest bank, grew pre-tax profit by 44 per cent to N2.13 billion in the third quarter.

Key extracts of the nine-month results for the period ended September 30, 2020

Profit before tax was N2.13 billion compared to N1.47 billion realised in the corresponding period of 2019, representing 44.4 per cent.

Profit after tax was N1.85 billion as at the end of September 30, 2020, compared to N1.25 billion earned at the end of September 2019, which shows an increase of 47.72 per cent.

Total assets of the bank as of September 30, 2020, was N210 billion compared to N167 billion in the corresponding period of 2019, which was a 25.67 per cent increment.

The bank declared N13.65 billion gross income at the end of September 30, 2020, compared to N9.37 billion in the corresponding period of 2019, a 45.71 per cent growth.

Jaiz Bank’s earnings per share increased by 48 per cent from 4.25 kobo on September 30, 2019, to 6.28 kobo as of September 30, 2020.

Commenting on its performance, its Managing Director, Mr. Hassan Usman said

“The third-quarter results further demonstrated the Bank’s capacity to grow sustainably in line with its strategic vision of becoming the leading non-interest bank in Sub-Saharan Africa.”

He further assured that while maintaining a steady focus on elements that contributed to improved performance thus far, this trend would be maintained in the last three months of the financial year, barring unforeseen circumstances.

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