Jaiz Bank Plc Half Year Profit Increases By 51%

Jaiz Bank Plc, Nigeria's first non-interest bank, reported an unaudited profit after tax (PAT) of N3.9 billion for the six months which ended June 30, 2023. 

In a statement given to the press yesterday, the bank announced that their PAT had increased by 51% as compared to N2.4 billion in a similar period ending June 2022. This meant a net profit margin of 27.3%, which was in the top quartile of industry margins.

The half-year statistics reveal that gross income increased by 41.9% to 20.3 billion, up from 14.3 billion in the same period ended June 2022.

The bank's balance sheet is well-structured and healthy, ending at 452.8 billion in H12023, up 19.2% from 379.8 billion in H12022.  

Deposit Liabilities grew by 28.8%, rising from 299.4 billion in December 2022 to 375.3 billion in June 2023.

When compared to the previous period ending June 2023, earnings per share increased by 54.9%, from 7.34 kobo to 11.3 kobo. 

The results demonstrate an improvement in major revenue lines as well as a robust performance in other financial indicators, reinforcing the bank's position as Nigeria's premier non-interest bank.

At its last Annual General Meeting (AGM) in Kano, the bank recorded an amazing 68% PTA, with balance sheet size increasing by 36%. 

During the AGM, Jaiz Bank projected that its revenue will grow by 29% in 2022, while income would climb by 33%.

In addition, the bank issued an annual dividend that increased by 25% to 5 kobo per share in 2022 compared to the previous year, meaning that the bank's share price has surpassed 1 Naira for the first time since its foundation. 

The bank recorded N291.5 billion in cash from client deposits, reflecting a 37% increase during the fiscal year under review.