Jaiz Bank’s annual profit jumps to 69% as revenue surpasses N33 billion

Jaiz Bank’s annual profit jumps to 69% as revenue surpasses N33 billion

Nigeria’s leading non-interest Islamic financial institution, Jaiz Bank has recorded a 68.5 percent improvement in net profit for 2022, the bank’s audited earnings report showed on Friday.

Significant growth in its main income streams aided the performance of the non-interest bank.

The bank, which is on course to adopt a holding company structure, posted an increase of about 30 per cent in revenue, with gross earnings jumping to N33.4 billion.

The report showed that income from financing contracts contributed N21.6 billion of that sum, while earnings from investment activities accounted for N9.9 billion. Fees & commission and other operating income contributed the rest.

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Jaiz Bank paid N6.9 billion as a return to equity investment account holders compared to the N4.9 billion paid the previous year.

The financial institution spent N1.1 billion on costs including directors’ training, directors’ fees, sitting allowance and the accrued severance package of its immediate past CEO, more than three times what it spent on similar purposes in 2021.

Pre-tax profit accelerated by 59.5 per cent to N6.6 billion, while profit after tax stood at N6.9 billion from N4.1 billion.

It counts Mohammed Indimi (founder/chairman of Oriental Energy Resources), Dantata Investment & Securities Limited, Umaru Mutallab (its former chairman and an ex-chairman of FirstBank Plc), Altani Investment Limited, Islamic Development Bank and Dangote Industries Limited as its top shareholders.

The six hold 67.9 percent of the bank’s shares between them, according to the annual report.

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