Jaiz Bank posts N979 million first-quarter profit

Jaiz Bank Plc has reported a 43 per cent increase in its gross revenue for the first quarter.

In its financial result reported to the Nigerian Stock Exchange, the bank said its revenue rose from N4.18 billion in 2020 during the same period to N5.99 billion for the period ended March 31.

Profit before tax increased significantly by 54 per cent which amounted to N979.17 million as against N636.69 million recorded in the same period last year.

“The consistent earnings result is obviously reassuring to all stakeholders and the investing public that the Bank will brace the tape strongly at the end of the current financial year in December 2021,” the bank said in a statement.

Jaiz Bank, Nigeria’s first non-interest bank, said it is set to meet its profit forecasts and dividend promise to its shareholders.

In the last financial year, Jaiz Bank paid out over N833 million as dividend to its shareholders. Meanwhile, the Bank’s earnings per share increased from 1.88 kobo in the first quarter of 2020 to 2.82 kobo in the first quarter of 2021.

Speaking on the result, the Managing Director/CEO, Hassan Usman, said that the result reflects the Bank’s positive outing in 2020, where it recorded a Profit Before Tax of N3.07 billion. He assured that with this development and despite the pandemic, the Bank is positioned to maintain this positive outlook for the whole year.