Jaiz Bank Plc, Nigeria’s leading non-interest bank, has reported strong financial performance in the nine months ended September 30, 2023, recording a pre-tax profit of N6.68 billion for the period.
The result signifies an impressive year-on-year profit before-tax N23.67 billion growth of 73.72% compared to the same period in 2022.
The bank also achieved gross earnings of N33.04bn, which reflects a significant increase of 39.60% compared to the N23.67bn reported in 2022.
Jaiz Bank, operating under Islamic banking principles, primarily derives its earnings from investing and financing activities. As of 30th September 2023, the bank’s total deposits stood at N405bn, representing a remarkable growth, of 63% over N248bn recorded in the corresponding period in the prior year.
The balance sheet grew by 68% over 12 months to close at N546bn as at 30th September 2023. These results reflect the bank’s contribution to the growth of Nigeria’s economy through its’ Islamic financing and investment activities in the real sector.
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Jaiz Bank’s strong financial performance is a positive indicator of its continued growth and success in the banking sector.
The bank remains resolute in leveraging on continued investment in its most valued asset (human resources), advanced technological infrastructure and more efficient processes in serving its ever-growing customer base.
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