Jaiz Bank grows balance sheet to over N300bn — MD

The Managing Director of Jaiz Bank, Mr Hassan Usman, has said the company’s balance sheet is now worth over N300bn 10 years after it began operation in Nigeria.

Mr Usman during a courtesy visit to the corporate headquarters of Media Trust Group, Wednesday in Abuja, said despite venturing into the uncharted territory of Islamic banking in Nigeria, the company was able to achieve the feat with the N12bn it started with in 2012.

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The MD noted that the bank, which commenced operations with three branches and is classified as a regional branch, has increased to over 45 branches across the federation, adding that it has consistently been growing at about 30 per cent over the last five years.

 He said its profit before tax has grown by an average of about 40 per cent over the last four years with its customer base reaching almost a million across all sectors.

“We have just reached ten years and we are going to have our tenth AGM on the 16th and it will be preceded with a dinner to celebrate our reaching 10 years and the milestones that we have achieved, so we are inviting you to grace that occasion and be part of the celebration.

 “For the last two years, we have been consistently paying dividends, though small, it is competitive. During our first dividend, we paid about 800m but from the second one, each year we have been paying a billion after the AGM, the journey has been satisfying for us. We have worked with partners to create more than 3,000 units across Nigeria, we have done financing to SMEs to the tune of more than N60bn, with this small number of years, we have also financed more than 4,000 corporates and more than 5,000 SME customers.”

He also appealed to the management of Media Trust to sustain the relationship it has maintained over the years while praising it for its professionalism “I think any institution that partners with you will also like to be seen as professional, be rest assured that we will improve with this relationship.”

Responding, the Group Chief Executive Officer of Media Trust, Mounir Haliru Gwarzo, commended Jaiz Bank for keeping the cordial relationship, promised to build upon it.

 “We, in our own part have strategically restructured the company and have a holding company and a subsidiary of Trust Tv, we have the radio, we have the frequency license but we haven’t started operating yet. To meet the challenges of the twenty first century, we proactively set up the digital aspect, which we will be able to cover the space for people in the digital world.  We want to continue to be partners with you and play a very important role in your anniversary.”