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Nigeria’s premier non-interest Bank in Nigeria, Jaiz Bank Plc has reported increased Profit before Tax of 161 percent from N343.02 million in 2016 to N894.01 million in 2017.
The audited report and accounts of Bank for the year ended December 31, 2017 showed that pre-tax profit-margin-which measures the underlining profitability of the company- doubled from 5.5 per cent in 2016 to 11 per cent in 2017.
The pre-tax profit margin denotes the efficiency of the core operational and administrative cost management, and it is usually taken as a more definitive index of performance than top-line margins.
According to the report, gross earnings rose by 40 per cent from N6.18 billion in 2016 to N8.10 billion in 2017. Gross profit grew by 34 percent to N6.705 billion in 2017 as against N5.003 billion in 2016. Profit before tax jumped by 160.6 per cent from N343.02 million in 2016 to N894.01 million in 2017.
The report also revealed that its Balance Sheet grew by 32 percent from N66 billion in December 2016 to N87 billion in December 2017.
Income-Generating Assets also increased by more than 36 percent from N35 billion in December 2016 to N48 billion in December 2017. Customer Deposits grew by about 35 percent from N50 billion as at December 2016 to N68 billion in December 2017.
At the bank’s Annual General Meeting, weekend, in Abuja, the Managing Director/CEO, Hassan Usman raised the optimism that 2018 would deliver even more profitability, and that the bank needs to demonstrate that it has the capacity to grow safely and sustainably.
He said: “We are using a number of measures to spark progress in that regard, some of which include the automation of our retail financing business, focus on unreserved markets and the financially excluded, institutional alliances, nimble workforce and effective performance
tracking amongst others.
“Gradually, we kept surpassing our challenges and are waxing stronger. Looking at what we have achieved over the short existence as a bank, I have a strong faith that Islamic banking is going to command a lot of respect and a force to reckon with in this country in the nearest future.”
The chairman, Board of Directors, Umaru Abdul Mutallab said the Bank was able to attain the feat it achieved in 2017 because of “our unique business model and in particular the strength of our organic retail growth.”
