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Jaiz Bank Reports 48% Profit Growth In Q3 2020

Jaiz Bank Plc, Nigeria’s premier non-interest bank, has recorded another impressive performance in the 3rd quarter of 2020 with its profit before tax (PBT) rising by 44.36 percent to N2.13 billion over year 2019 corresponding quarter PBT of Ni.47 billion.

The lender’s Q3,2020 results which was submitted to the Nigerian Stock Exchange (NSE) showed that the profit after tax (PAT) stood at N1.85 billion compared to N1.25 billion earned at the end of Q3,2020, representing an increase of 47.72%.

A further breakdown of the results shows that total assets of the bank rose to N210 billion at the end of Q3 this year compared to N167 billion in the corresponding period of 2019.

The bank declared N13.65 billion Gross income at the end of the quarter under review, representing 45.71% growth over the N9.37 billion reported in Q3, 2019. This is even as the bank’s earnings per share increased by 48% from 4.25 kobo in September 30, 2019 to 6.28 kobo as at September 30, 2020.

Commenting on the bank’s performance, the Managing Director, Mr. Hassan Usman, said the 3rd quarter results further demonstrated the Bank’s capacity to grow sustainably in line with its strategic vision of becoming the leading non-interest bank in Sub-Saharan Africa.

The banker assured the lender’s shareholders that while the management would continue to maintain steady focus on elements that contributed to improved performance thus far, the trend would be maintained in the remaining months of the financial year.

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