Nigeria’s leading non-interest financial institution, Jaiz Bank has grown its gross income to N23.74 billion in the third quarter of 2022, rising 26.34 per cent above the N18.78 billion it pooled in the corresponding period of 2021.
This growth has also triggered a rise in its profit which rose 14.6 percent, climbing to N3.26 billion at the end of September 2022 from the N2.99 billion it recorded at end of the third quarter of 2021.
The bank’s unaudited third-quarter financial report filed to the Nigerian Exchange Group (NGX) shows that the impressive bottom line was aided by the healthy income from financing contracts which printed at N15.62 billion, about 46.12 percent above N10.69 billion reported in the comparable period last year.59
Currently, Jaiz Bank controls over 62 percent share of the non-interest banking market in Nigeria, and its robust gross income of N23.74 billion as at end of September 2022 has made it possible.
Supported by growth in other operating income, fees, and commission receipts, Jaiz Bank’s total income jumped by 23 percent to N16.03 billion in September 2022 from N13.02 billion in September 2021.
The outing pushed earnings per share higher by 6.1 percent, from 9.09 kobo for the third quarter of 2021 to 9.65 kobo at the end of the third quarter of 2022.
Management said the bank’s positive earnings result is undoubtedly reassuring to all stakeholders and the public. It underscores the role of Jaiz as the leader in the Non-Interest Bank in Nigeria.
Speaking on the results, Managing Director, Sirajo Salisu, said the bank remained committed to providing value-creating ethical banking services to its growing customer base while he assured of its position to continue its remarkable earnings streak for the remainder of the year, by leveraging on technology and extending its touch points across the country.
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