Jaiz Bank’s full-year profit up by 48% as revenue climbs to N26 billion

Jaiz Bank said its gross earnings for the financial year 2021 scaled up by roughly a third to N25.8 billion from N19.6 billion ago aided by considerable growth in its key performance indicators.

The Abuja-based non-interest bank, according to its audited earnings report issued on Thursday, put aside N3.7 billion as impairment charges to cover a possible leap in loan defaults.

Other income saw more than a two-fold advance from N500.9 million to N1.1 billion, quickening the pace of profit growth.

Pre-tax profit came to N4.4 billion, a 42.6 per cent improvement over what the lender reported a year ago.

Profit for the year enlarged from N2.9 billion to N4.3 billion, surging by almost half.

Within the period, the asset value of Jaiz Bank, which operates under an Islamic banking model, increased 19.6 per cent to N279.3 billion.

The board has proposed a dividend payment of N0.04 per share, which compares with the N0.03 paid for 2020.

Last February, Jaiz Bank secured a $25 million line of financing from Islamic Corporation for onward disbursement to small and medium enterprises in the Nigerian private sector.

Shares in Jaiz Bank closed trade on Lagos Custom Street on Thursday at N0.68 per unit, recording no movement.