Jaiz Bank Plc, the non-interest bank has reported 72 per cent increase in profit for 2017 operational year, climbing to N537 million from N311.27 million reported in 2016.
The lender’s profit before tax also gained 160.6 per cent to N894 million as against N343 million over increased 29.4 per cent increase in Total Income.
Total income moved from N4.88 billion in 2016 to N6.3 billion in 2017 while Gross Income from financing transactions rose by 26.7 per cent to N6.9 billion from N5.5 billion in 2016.
Jaiz bank’s total assets hit N87.3 billion in 2017, an increase of about 32 per cent from N66.05 billion reported in 2016, driven by Customer Deposits that grew to N68.115billion in 2017, from N50.283 billion in 2016.
In a statement, The Managing Director/CEO, Jaiz bank, Hassan Usman, said, So far, we have made good progress, we have started deepening our retail portfolio and are advancing in the end-to-end automation of our entire retail credit underwriting process.
“We have equally tackled our cost base, with the consequent reduction in our cost-income-ratio (CIR) from 93per cent in 2016 to 86per cent in 2017. Most importantly we shall not allow our achievements to make us rest on our laurels. No efforts will be spared in transforming your bank into a sustainable value creation machine.
“Last year was exciting as well as challenging, exciting in the sense that the economy has managed to nudge off recession but challenging because not all economic agents have recovered back to their pre-recession purchasing power. The atmosphere truly tested the viability of our business model and has confirmed its resilience even when the economy is down or during recovery.
“Having worked hard to secure our foundations, we are now poised to focus on realising our earnings potentials. We will do this by fully re-engaging with our stakeholders – investors, customers, regulators, employees and local communities. To do this effectively, we shall continue to improve on our productivity and investment in our people and systems.
“While the intensity of some headwinds has eased it will take time to fully get the most out of the opportunities that a better environment will present.
“Having worked intensively over the last six years to secure our foundations we are now re-engineering our strategies to deliberately upscale our earning capabilities and to deliver safe business growth. We are now better positioned to take our position on the financial landscape in the country and the continent over the next five years,” he said.
He add that, 2018 needs to be the year we demonstrate we have the capacity to grow safely and sustainably.
“We are using a number of measures to spark progress in that regard, some of which include the automation of our retail financing business, focus on unserved markets and the financially excluded, institutional alliances, nimble workforce and effective performance tracking amongst others.
“Finally, while the year 2018 will undoubtedly have its share of challenges and uncertainty, we are however highly determined to deliver on our promises,” he said
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