Nigeria’s Jaiz Bank posts 428 million Naira profit in Q1 2019

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In its three-month report for the period ended March 31, 2019, Jaiz Bank recorded a profit after tax (PAT) of 428.68 million naira in the first quarter (Q1) of 2019.

The results show an improvement compared to the 124.58 million naira recorded in the comparable period in 2018.

The financial result, which was sent to the Nigerian Stock Exchange (NSE), showed that gross earnings rose by 38.7 percent while pre and post-tax profits jumped by 225.08 percent and 244.19 percent respectively. An increase is earnings per share was another feat recorded, as the results show that it rose by 190 percent.

Jaiz Bank’s gross earnings  rose to 2.59 billion naira in the review period compared to 1.87 billion naira in Q1 2018. Gross profit also grew by 51.9 percent, from 1.39 billion naira to 2.11 billion naira.

Profit before tax also increased from 146.57 million naira to 476.46 million naira while net profit rose to 428.68 million naira compared with 124.58 million naira in same quarter of 2018. Earnings per share increased to 1.45 kobo in Q1 compared to 0.50 kobo in corresponding period of 2018.

Speaking on the financial results, the Managing Director of Jaiz Bank, Mr. Hassan Usman said the 2018 results further demonstrated that the bank has the capacity to grow sustainably in line with its strategic vision of becoming the leading non-interest bank in Sub-Saharan Africa by 2022.

Usman stated that while maintaining steady focus on elements that contributed to improved performance in 2018, the bank will also work harder to optimise its potential in order to deliver better returns in 2019.

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