Haruna Musa, Chief Executive Officer of Jaiz Bank Plc said it is on track to become the leading ethical bank on the African continent.
Musa, in a statement by the bank announced its performance for the first quarter ended March 2024, noted that the bank continues to enhance its performance across all indices, despite the challenging operating environment in the period under review.
According to the result presented to the Nigerian Exchange Limited, gross earnings rose to N16.58bn frm N9.878bn, helped by the N15.516bn icome from financing and investment transactions, up from N9.434bn. A brekdown of the figures showed that income from financing cotract which roe from N6381bn to N7.468bn;while income from investment activities improved even more significantly to N8.047bn from N3.052bn; while impairment write back stood at N910.35m, compared to the previu N962.876m impairment charges, reslting in net income ater provisions of N16.427bn, up from N8.471bn.
Return to requity invesment accountholders jumped to N4.938bn from N2.396bn; resulting in bank’s share as equity nvestor/mudarib of N11.488bn, up from N6.075bn; fees ad commission rose to N1.065bn from N438.801m; leaving a gross pofit of N12.553bn, compared to the previous N6.514bn.
Operating income was nl fom the previous N22m; unrealised exchange loss came to N73.882m fom N16.917m; amounting to a total income of N12.479bn from N6.519bn.
With total expenses at N6.479bn from N4.9bn, profit before tax stood at N6bn, compred to the N1.588bn reported in the first quarter of 2023, representing a 278% increase. Income tax epense rose to 156.004m from N127.111m; resulting in profit after tax of N5.844bn from N1.461bn.
The statement noted that the bank’s balance sheet remains well-structured, diversified, and resilient, with total assets and shareholders’ funds closing at ₦671 billion and ₦39 billion for the full-year, respectively. The Capital Adequacy Ratio (CAR) remains robust at 15.91%, while asset quality continues to improve.
According to the CEO: “Our 2023 and first quarter 2024 results reflect the commitment of the board and management to continually add value to our customers through bespoke ethical finance. We are well-positioned to compete effectively on all fronts and meet our customers’ needs through fair and ethical financing.”
On the outlook, Musa said Jaiz Bank “will continue to focus on strengthening our relationships with loyal customers and attracting new ones, supporting not just individuals and businesses but also our communities through digital platforms and innovative products and services. We are confident in our journey to lead the future of ethical finance in Africa and will not relent in our commitment to excellence while delivering long-term value to all stakeholders.”
