Jaiz Bank targets 4bn profit ahead 2022

Jaiz Bank Plc, a non-interest bank, said it is targeting N3.827 billion profit after tax in the next five years.
The Managing Director of the Bank, Mr. Hassan Usman, who stated this while addressing stockbrokers and investment community on the floor of the Nigerian Stock Exchange, projected to grow the company’s total assets from N123.612 billion in 2018 to N262.804 billion in 2022.
Usman said the performance of the bank in 2017 had been quite good, compared to what it achieved in 2016, adding that the bank was working very hard to ensure that the current year is better.
He noted that the bank’s gross income grew by 538 per cent from N1.09 billion in 2013 to N694 billion in 2017, which translates to a compound, annual growth rate of 45 per cent.
“The bank attained a break-even position in the third year of operation (2014) and has been consistently making profit thereafter. Deposit grew by 211 per cent, from N21.9 billion in 2013 to N68.1 billion in 2017, which amounts to a compound, annual growth rate of 25 per cent.
“Finance and investment assets leapt by 320 per cent from N11.5 billion in 2013 to N48.3 billion in 2017, representing a compound growth rate of 33 per cent,” he said.
Usman also explained that the bank was committed to developing innovative financing proposition for the Micro, Small and Medium Scale Enterprises.
“We shall continue to internally develop new customers, new markets and new products for both our physical and virtual channels.
“We remain committed to continuous up-scaling of our governance mechanism to meet the highest operating standards. Cost efficiency is at the heart of our value creation model. We shall strive to be a low-cost operator,” he added.