Jaiz Bank’s half year profit rises by 51%

Jaiz Bank Plc, Nigeria’s pioneer non-interest Bank, has announced its unaudited results for the six months ended June 30, 2023 with a Profit After Tax (PAT) of N3.9 billion. 

In a statement released to the Press yesterday, the Bank declared that it had recorded a 51 per cent increase in its PAT when compared with N2.4bn recorded in the corresponding period ended June 2022. This implied a net profit margin of 27.3 per cent within the top-bracket of the industry margins.

The half year results show gross income risen by 41.9 per cent to 20.3bn against 14.3bn recorded for the corresponding period ended June 2022.

The Bank’s balance sheet remains well-structured and robust closing at 452.8 billion in H12023 compared N379.8bn in H12022 representing 19.2% increase.  

• At caucus meeting, Tinubu charges APC leaders on financial discipline
• Nigeria Daily: What Impact Has The Labour Union Protest Made?

Also, Deposit Liabilities increased by 28.8 percent from 299.4 billion recorded as of December 2022 to 375.3bn in June 2023.