• Gross Income grew by 40% to N8.10Billion
• Gross Profit grew by 34% to N6.70 Billion
• Bank urges Nigerians, irrespective of their religious background, to embrace the concept of non-interest banking as alternative financing model.

In the just released audited financial report, the profit before tax of Jaiz BankPlc, grew by 161%, from N343.02 million in 2016 to N894.01 million in 2017.

Jaiz Bank is Nigeria’s premier non-interest Islamic bank and the 2017 audited report, is the first to be submitted, as a publicly quoted company. The Bank had recorded another milestone on February 9, 2017 as the first non-interest financial institution to be listed on the Nigerian Stock Exchange (NSE) with the admission of the entire issued share capital of the bank, to the main board of the Exchange.
Gross Income rose by 40 per cent from N6.18 billion in 2016 to N8.10 billion in 2017. Gross profit grew by 34 per cent to N6.705 billion in 2017 as against N5.003 billion in 2016. However, the bank’s tax provision leapt by 1,024 per cent from N31.75 million in 2016 to N356.89 million in 2017. This moderated the net profit growth to 14.7 per cent from N311.27 million in 2016 to N356.89 million in 2017.

The Managing Director, Jaiz Bank Plc, Hassan Usman, attributed the impressive performance of the bank to the support from the board, management and staff of the bank and the commitment to the business model which is hinged on a better life for all stakeholders. Quote: “Gradually, we kept surpassing our challenges and are waxing stronger. Looking at what we have achieved over the short existence as a bank, I have a strong faith that Islamic banking is going to command a lot of respect and a force to reckon with in this country in the nearest future. The bank’s directors and management have ambitious ideas about what the bank would like to be, and with the supports of its shareholders, the bank is committed to ensuring it becomes a formidable player in the Nigerian financial market.’’
He outlined that the bank would focus on opening more branches in different parts of the country and fostering its strategy of providing retail banking to a large segment of the society who are desirous of its products and services.
“We are focused on building on our culture of ethics and taking the necessary decisions to align our perspective with client expectations,” Usman said.

He urged Nigerians, irrespective of their religious background, to embrace the concept of non-interest banking as alternative financing model.
He assured that Jaiz Bank will continue to open up new vista of opportunities and provide a new future of wide-ranging financial services to all Nigerians adding that the bank has demonstrated its resilience in its formative years and now looks forward to the future with more optimism.

https://www.financialdigest.com.ng