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Thursday, June 8, 2023

Jaiz Bank Sees Coronavirus Impact Limited to Q2 with N622mn Profit Forecast

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Jaiz Bank Plc, a bank in Nigeria operating under Islamic banking principles has forecast after tax profits of N622 million for the third quarter (July – Sept) of 2020.

The Q3 forecast which is higher than its reported First quarter profits, could be a signal that the bank will largely return to its pre corona level of business activities by the end of the third quarter.

The bank estimates that gross earnings will come in at N5 billion, with net operating income at N3.6 billion for the Q3 period.

Credit impairment charges are expected to be at N164 million. Jaiz reported profit of N553.9 million in the first quarter of 2020.

Jaiz Bank shares are listed on the Nigerian Stock Exchange (NSE) and have returned +29.3 percent in the past year, compared to a -9.1 percent return for the broader market.

The stock closed at N0.59 per share on Thursday for a market capitalization of N17.38 billion.

Jaiz is a non-interest bank. It is the first non-interest bank established in Nigeria and is headquartered in Abuja.

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