Jaiz Bank PBT jumps 64% to N11.2bn in FY 2023 financials

Business a.m.

Jaiz Bank Plc has released its annual financial results, showcasing a significant increase in profit before tax from N6.9 billion in 2022 to N11.2 billion in 2023. 

The 64 percent growth, reported in the bank’s full-year financial results and unaudited financial statements for the period ended March 31, 2024, serves as a testament to the bank’s commitment to profitability, as well as its ability to adapt and thrive in the face of ever-changing economic conditions.

The bank’s stellar performance was further highlighted by a 278 percent increase in profit before tax in Q1 2024, from N1.6 billion to N6.0 billion when compared to the same period in 2023.

Furthermore, the bank’s finance and investment portfolio grew by 16 percent from December 2023’s N357 billion to N415 billion in March 2024, a reflection of the bank’s savvy investment strategies.

The bank’s balance sheet continued to demonstrate remarkable stability and strength, with total assets and shareholders’ funds reaching N671 billion and N39 billion, respectively. Further bolstering its position, the bank’s Capital Adequacy Ratio (CAR) remained strong at 15.91 percent, while asset quality continued to show signs of improvement.

The bank’s return on average equity (ROE) stood at an impressive 61.38 percent, indicating strong profitability relative to the shareholders’ equity. Additionally, the bank’s return on average assets (ROA) stood at 3.60 percent, reflecting the bank’s ability to generate profits from its assets.

Haruna Musa, chief executive officer of Jaiz Bank, provided insightful commentary on the bank’s financial performance, praising the commitment of the board and management in delivering consistent growth and value to their customers.

Musa noted that the bank’s impressive results for 2023 and the first quarter of 2024 reflect a continued dedication to ethical finance and fair, customer-centric practices, allowing the bank to effectively compete in a challenging environment.

Looking ahead, the CEO expressed the bank’s commitment to growing connections with its existing and prospective  customer base. He underscored the importance of not just serving individuals and businesses, but also extending support to communities through the development of digital platforms and innovative, ethical financial products and services, all with the goal of creating a more inclusive and ethical financial landscape in Africa.