Jaiz Bank posts N3.26bn profit n Q3 2022

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BY BAMIDELE FAMOOFO

Uba Group

Jaiz Bank Plc, Nigeria’s leading non-interest bank, has reported that its profit rose to N3.26 billion in the third quarter of financial year 2022, representing 14.59 percent higher than the N2.99 billion profit reported in the corresponding quarter of last year.

The lender, in its unaudited financial statements filed with the Nigerian Exchange, stated that the strong bottom line was supported by healthy income from financing contracts which grossed N15.62 billion, about 46.12 per cent above N10.69 billion reported in the comparable period last year.

The bank also reported that its gross income rose to N23.74 billion at the end of the quarter in review, from N18.78 billion at the end of September 2021, representing a 26.34 per cent surge.

A further analysis of the bank’s unaudited results showed that the financial performance was supported by growth in other operating income, fees and commission receipts.

The financial results further indicated the bank’s total income grew by 23per percent to N16.03 billion in September 2022 from N13.02 billion in September 2021.

The growth pushed the earnings per share higher by 6.16 per cent, from 9.09 kobo for the third quarter of 2021 to 9.65 kobo at the end of the third quarter of 2022.

Speaking on the results, the bank’s Managing Director, Sirajo Salisu, said the non-interest lender remained committed to providing value-creating ethical banking services to its growing customers.

In addition, he assured that the bank was positioned to continue its remarkable earnings streak for the remainder of the year, by leveraging on technology and extending its touch points across the country.