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Nigeria’s foremost non-interest taking bank, Jaiz Bank Plc, is projecting to deliver a profit before tax of N316.281 million for the second quarter of 2017, up from N203.679 million it realized in the first quarter.
Jaiz Bank announced N1.4 billion between the first three months of the year but projects a total income of N2.4 billion for the second quarter.
According to the Bank, it hopes to increase its total asset to N101.4 billion by the end of June this year compared to N78.7 million made at the end of March.
Speaking at the 5th Annual General Meeting of the Bank in Abuja on Wedenesday last week, the managing director, Hassan Usman, said the other estimates, which are in line with the future projection of the bank, are realizable. Hassan said the bank will now focus on the retail market for both financing assets and deposits mobilization as being positioned for the future.
“The consequence of this retail strategy is not going to be limited to preponderance of retail funding and assets creation but shall include lowering incidence of credit default risk, consistent support for the MSME sector, preservation of shareholders fund due to reduction in impairment, greater investment in technology and steady sustainable growth in profitability,” Hassan stated.
The bank’s financials for 2016 shows 38 per cent growth in financing and 30 per cent deposit inflows. It also recorded an increase in its gross income from financing from N4.9 billion in 2015 to N5.5 billion in 2016.
The Managing Director told the bank’s shareholders that the performance was achieved on consistent and sustained focus on the needs of customers and the employees that serve them, through the provision of excellent service, great products and continued investment in the knowledge set that underpins our kind of banking model.
The Chairman of the bank, Umaru Abdul Mutallab emphasised that the focus of the bank is to ultimately expand beyond the shores of Nigeria. He said that the National outlook of the bank has broadened its horizon and therefore positioned it to become more profitable.
Onyinye Nwachukwu, Abuja
