Jaiz Bank Grows Profit by 300% in Q1-2024
Jaiz Bank Plc grew profit by 300% year on year in the first quarter of financial year 2024, according to the Islamic lender’s unaudited financial statement posted on the Nigerian Exchange (NGX) on Sunday.
Details showed that net profit surged to N5.844 billion in the first three months of the year, from N1.461 billion in the comparable period in 2023. Improvements in financing activities during the year’s first quarter were a major factor in the remarkable outcome delivered. Non-interest revenue contributed to the robust increase in the bottom line.
The Islamic lender’s gross earnings surged to N16.508 billion in Q1, according to details from its financial statement, representing a year-on-year increase of more than 67% from N9.878 billion in the equivalent period in 2023.
Of this, gross income from financing and investing transactions was N15.516 billion, up by more than 64% year on year from N9.434 billion in the comparable period. Jaiz Bank boosted its share as an equity investor to N11.488 billion in Q1-2024 from N6.075 billion 12 months earlier, translating to more than 89% year-on-year growth in income.
The Islamic lender’s total income rose sharply year on year to settle at N12.479 billion in the period. This was over 91% more than the N6.519 billion reported for the same period in 2023. Moving in line with inflation conditions, operating expenses climbed by 31.4% year on year to N6.479 billion from N4.930 billion a year ago.
Consequently, the non-interest bank’s profit before tax increased to N6 billion in Q1-2024 amidst a relatively stable tax expense. This represents a noteworthy 278% increase from the N1.588 billion the bank reported in the same period in 2023.
Jaiz Bank total assets increased by 15.66% in the first three months to N680.984 billion from N580.131 billion at the end of the financial year 2023. #Jaiz Bank Grows Profit by 300% in Q1-2024 Jaiz Bank Forecasts N4.9 Billion Profit in Q2
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