Jaiz Bank Plc has, in its Q1 2023 earnings forecast submitted to the Nigerian Exchange Limited (NGX), projected N9.780 billion as gross earnings in the first quarter of this year.
The bank made the projection in its submission to the NGX, even as it forecasts a profit before tax (PBT) profit of N1.403 billion and N1.263 billion profit after tax (PAT) in the quarter.
The non-interest lender in its just published Q3, 2022 financial report posted a profit of N925 million, representing 20% growth over its recorded profit in the corresponding quarter of 2021.
The financial statement’s report showed that the bank’s income from financing contracts surged from N3.5 billion to N5.7 billion, a feat largely spurred by its earned income from Murabaha transactions and Murabaha profit–corporate.
The bank’s income from investment activities also grew to N2.5 billion, from N2.3 billion recorded in 2021 as the company realized N504 million and N2 billion respectively from trading assets and Sukuk, a sharia-compliant bond-like instrument used in Islamic finance.
The improved investment activities led to an increase in the bank’s gross income from financing transactions to N8 billion, from N5.9 billion.
For the Q3, 2022 period, the lender’s fees and commission income grew to N365 million from N218 million in Q3 2021 just as it also recorded a spike in banking services and net income from its e-business for the period, However, other operating income saw a low record of N2.9 million compared to N148 million during the period.
The bank’s total assets grew in value to N325 billion in Q3 2022 from N279 billion recorded in the corresponding quarter of the previous year.
