Jaiz Bank H1 financial report revealed 45.3% Profit Increase and 21 litigations

On Wednesday, Jaiz Bank Plc released its unaudited financial report which revealed that the bank has done favorably well in some key areas of its financial indicators. These key areas include:

Gross Income

The financial report released by the bank revealed that for the half-year completed on 30th June 2020, the bank made a gross income of N8 billion. This indicates a 39% increase when compared to 2019 when the bank made N5.7 billion. 

Total Expenses

The total expenses recorded in the financial statement is N4.9 billion. This is more than the N3.9 billion recorded last year. 

Profit after tax

The profit recorded after all tax is deducted is N1.1 billion. This indicates an increase of 45.3% when compared to last year's record of N814.3 million. 

Total Assets

The total asset recorded by the bank at the end of June is N186.6 billion, which is an 11.6% increase when compared to last year's record of N167.3 billion. 

While the financial statement shows that the bank has been thriving well since the outbreak of the coronavirus pandemic, the bank further revealed that it is currently involved in 21 lawsuits. According to the bank's report, 16 out of the lawsuits were instituted by other banks, while 4 were instituted by the bank against others. The remaining one is a civil appeal against Jaiz Bank. 

“The Bank, in its ordinary course of business, is presently involved in 21 litigation suits: Sixteen (16) cases instituted against the Bank, four (4) cases instituted by the Bank, Nil judgment in favor of the Bank awaiting execution and one (1) civil appeal against the Bank.  The Directors are of the opinion that none of the aforementioned cases is likely to have a material adverse effect on the Bank and are not aware of any other pending or threatened claims and litigations,” part of the report said.

Jaiz Bank stock on the Nigeria Stock Exchange closes at N0.54 on Wednesday.