JAIZ Bank Declares N979.17m Profit For Q1, 2021

JAIZ Bank Declares N979.17m Profit For Q1, 2021

THE financial result of Jaiz Bank Plc for the first quarter ended 31 March 2021 released to the Nigerian Stock Exchange, shows that the Bank’s gross revenue increased by 43% over the same period last year, from N4.18 billion to N5.99 billion.

Profit before taxation increased significantly by 54% which amounted to N979.17 million as against N636.69 million recorded in the same period last year.

The consistent earnings result is obviously reassuring to all stakeholders and the investing public that the Bank will brace the tape strongly at the end of the current financial year in December 2021.

Jaiz Bank, as the premier Non-Interest Bank in Nigeria, is expected to maintain the remarkable earnings streak and its leading position of the Non-Interest Banks in Nigeria.

Leveraging on technology and the expansion of its retail market drives, the Bank is set to meet its profit forecasts and dividend promise to its shareholders. In the last financial year, Jaiz Bank paid out over N833 million as dividends to its shareholders.

Meanwhile, the Bank’s earnings per share increased from 1.88 kobos in the first quarter of 2020 to 2.82 kobo in the first quarter of 2021.

Speaking on the result, the Managing Director/CEO Hassan Usman said that the result reflects the Bank’s positive outing in 2020, where it recorded a Profit Before Tax of N3.07 billion.

He assured that with this development and despite the pandemic, the Bank is positioned to maintain this positive outlook for the whole year.

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