Jaiz Bank a Non-interest Banking Institution Profit Rises by 96% to Hits N6.4BN

Jaiz Bank, a non-interest banking institution, has released that its profit after tax increased by 96% in the first nine months of 2023, also known as Q3. BusinessesDay analyzed this data.

The company financial statement data reveals that the bank's profits after tax rose to N6.41 billion in the first nine months of 2023, which was far from the corresponding year, which stood at N3.27 billion in 2022.

Robust growth in core income streams drove the increase in profits.

A breakdown in the analysis showed that income generated from financing contracts was N19.3 billion, signifying an increase from N15.4 billion in 2022.

Similarly, income from investment activities, including trading assets, Sukuk, and Interbank Murabaha, rose to N11.8 billion from N6.97 billion.

Jaiz Bank's gross earnings rose by 39.60% to N33.0 billion, compared to N23.67 billion in 2022.

Jaiz Bank fees and commissions stood at N1.78 billion from the corresponding year, which settled at N1.02 billion. This increase was driven by Letters of Credit/trade finance income. 

Jaiz Bank's total expenses stood at N15.9 billion from the corresponding year, which settled at N12.12 billion.

Jaiz Bank's foreign exchange declined to N84.0 million from the corresponding year, which settled at N64.6 million.

Jaiz Bank's total deposits stood at N405 billion, an increase of 63% from the corresponding year, which settled at N248 billion.

Jaiz Bank's balance sheet rose by 68% over 12 months to close at N546 billion as of September 30.

Jaiz Bank's net cash (used in) operating activities declined in the period under review, amounting to N84.3 billion, compared with the corresponding year, which settled at N11.1 billion in 2022.

Jaiz Bank's net cash (used in) investing activities declined in the period under review, amounting to N60.0 billion, compared with the corresponding year, which settled at N15.6 billion in 2022.

Jaiz Bank's net cash provided by (used in) financing activities amounted to N51.7 billion in the period under review, slightly lower than the N51.7 billion.

Jaiz Bank cash and cash equivalents for the period amounted to N193.1 billion from N117.1 billion.