Jaiz Bank Plc, Nigeria’s pioneer non-interest bank, has reported that its gross earnings rose to N9.88 billion in Q1 2023 compared to the N7.238 billion reported in the corresponding quarter of 2022.
The non-interest lender in a statement on its financial performance in the quarter under review declared the unaudited profit results showed that it posted a profit before Tax (PBT) of N1.59 billion, a year-on-year, representing an increase of 45.62% over the N1.10 billion reported in Q1 2022.
In 2023, the bank initiated several measures to pursue greater efficiency and to realign our business and strategic priorities resulting in its balance sheet growth from N379.82 billion by December 2022 to N452.82 billion by March 2023.
It would be recalled that the bank’s board and management had projected pre and post-tax profits of N1.40 billion and N1.26 billion respectively for the non-interest lender in Q1 2023, representing a pre-tax profit margin of 14.2% and net profit margin of 12.9%.
