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Profits ofthe largest non-interest lender in Nigeria, Jaiz Bank Plc, has reached an all-time high of roughly N5.84 billion in the first quarter, up 300 percent from a year ago, even as it operates in a difficult business environment.
Driven by income from investment activities, and financing contracts, gross earnings surged by N16.05 billion in March 2024 from N9.87 billion a as at March 2023.
A breakdown of revenue shows income from financing contracts was up 16.29 percent to N7.48 billion as at March 2024 while income from investing activities was up 163.60 percent to N8.04 billion in the same period.
Management said the bank’s positive earnings result is undoubtedly reassuring to all stakeholders and the public. It underscores the role of Jaiz as the leader in the Non-Interest Bank in Nigeria.
The Bank remained committed to providing value-creating ethical banking services to its growing customer base
It is important to note that Jaiz Bank is positioned to continue its remarkable earnings streak for the remainder of the year, by leveraging on technology and extending its touch points across the country.
Net profit margin, a key measure of profitability and efficiency, increased to 35.39 percent in March 2024 from 14.79 percent as at March 2023.
The Islamic Bank making an inroad across the country and the continent has a total asset of N670.98 billion as at March 2024, which is 15.66 percent higher than 2023’s N580.13 billion.
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