Nigeria’s premier and largest non-interest bank, Jaiz Bank Plc, recorded double-digit growths across key performance indicators in the third quarter with pre-tax profit rising by about 74 per cent to N6.68 billion.
Key extracts of the interim report and accounts of Jaiz Bank for the nine-month period ended September 30, 2023 showed that the leading alternative bank grew its top-line by 39.6 per cent with gross earnings of N33.04 billion in third quarter 2023 as against N23.67 billion in third quarter 2022.
Total deposits rose by 63 per cent to N405 billion as against N248 billion recorded in the corresponding period in 2022. The bank’s total assets also jumped by 68 per cent to N546 billion in September 2023.
The management of the bank stated that the results reflected the bank’s contribution to the growth of Nigeria’s economy through its’ Islamic financing and investment activities in the real sector.
Jaiz Bank, operating under Islamic banking principles, primarily derives its earnings from investing and financing activities
According to the management, Jaiz Bank’s strong financial performance is a positive indicator of its continued growth and success in the banking sector.
“The bank remains resolute in leveraging on continued investment in its most valued asset, its human resources, advanced technological infrastructure and more efficient processes in serving its ever growing customer base,” Jaiz Bank stated.
Market analysts said the third quarter results further strengthened the outlook for Jaiz Bank, which plans to raise about N5.41 billion from its shareholders to bolster its balance sheet to support rapid expansion.
Jaiz Bank plans to float a rights issue of about 5.41 billion ordinary shares of 50 kobo each at offer price of N1 per share. The rights issue will be pre-allotted on the basis of 87 new ordinary shares for every 250 ordinary shares held as at the close of business on Friday, October 6, 2023.