Jaiz Bank Plc, has declared a profit of
N157.7 million for the financial year
ended December 2014.

By this, the bank has broken even after
three years of operations as the first
and only fully fledged non-interest
bank in Nigeria.

Chairman of the bank, Dr Umaru Abdul
Mutallab, while speaking at the bank’s
third annual general meeting, in Abuja,
yesterday said the profit was a feat
considering that there was no platform
yet for the bank to make income from
its treasury management activities due
to the absence of Sharia complaint
liquidity instruments in the market.

According to Mutallab, Jaiz Bank could
not invest in the normal treasury bills,
bonds among others as they do not meet
the ethical requirements of the bank.
He therefore called for a national Sukuk
bond, that would give them a wider
range of investment opportunities.

Also speaking, managing director and
chief executive officer of the bank,
Muhammad Nurul Islam, said the
profitability was driven by continuing
revenue growth, disciplined cost
management and lower financing
impairment expenses.

Islam said the bank limited its
expenditure growth to only 20 per cent,
even expanded its branch network from
10 to 15 during the 2014 financial year.
Shareholders of the bank, while
commending the bank for the profit,
however, called on the management to
work seriously towards recapitalising it
to fast-track its expansion to other
parts of the country.

The bank with 17 branches currently
operates as a regional bank, licensed to
operate in the north-west and north-
eastern parts of the country, and seeks
to increase the number to 25 by the end
of this year.

During the year under review, the bank
grew its total assets by about 24 per cent
from N33.9 billion in 2013 to N42 billion
in 2014.

Also, total earnings grew by 114 per cent
from N11.5 billion to N24.5 billion, while
total income increased by 220 per cent
from N915 million to N2.94 billion by
December 2014.

According to the MD, the bank provided
financing to about 1, 076 projects
valued at N22.2 billion in 2014, as
against 375 valued at N10.5 billion the
previous year.

http://leadership.ng/news/439795/jaiz-bank-breaks-even-records-n158m-first-profit

cc lalasticlala

Give it to Biafrans and their business acumen, they even help the Islamic bank to break even sooner than expected. Kudos to you guys and your never give up spirit.

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