Jaiz bank grows Q3 profit by 48%

Jaiz Bank Plc has recorded another impressive performance in the 3rd quarter of 2020.

The Bank’s 3rd quarter results ended September 30, 2020, which was submitted to the Nigerian Stock Exchange (NSE) showed that profits before tax was N2.13 billion compared to N1.47bn realized in the corresponding period of 2019, representing a 44.36 per cent, a statement of the bank said.

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It said according to the results, profits after tax was N1.85bn as at the end of September 30, 2020, compared to N1.25bn earned at the end of September, 2019, which shows an increase of 47.72%.

The results show that the bank’s assets were N210bn compared to N167bn in September 2019. It represented 25.67% increment.

The bank declared N13.65bn gross income, rising from N9.37bn for the 2019 period; a 45.71% growth.

Its earnings per share increased by 48% from 4.25 kobo in September 2019 to 6.28 kobo in one year.

Commenting on its performance, the Managing Director, Mr. Hassan Usman, said the 3rd quarter results further demonstrated the bank’s capacity to grow sustainably in line with its strategic vision of becoming the leading non-interest bank in sub-Saharan Africa.

He assured that while maintaining a steady focus on elements that contributed to improved performance thus far, this trend would be maintained in the last three months of the financial year.