Jaiz Bank posts N3bn profit for 2020 | Dailytrust

Jaiz Bank posts N3bn profit for 2020

Jaiz Bank Plc, the premier non-interest bank in Nigeria has declared a profit before tax of N3.07 billion for the 2020 financial year, a 45.31 per cent increase over N2.11bn recorded in the previous year.

Its gross earnings from the report and accounts for the year ended December 31, 2020, showed a 33.29% growth from N14.71bn in 2019 to N19.6bn in 2020.

The bank’s total assets during the year under review were N233.59bn as against N167.27bn realised in the previous year, representing a 40% growth.

Similarly, there was a leap in the profit after tax from N2.44bn in the preceding year to N2.90bn for the year ended December 31, 2020.

Earnings per share increased from 8.29 kobo in 2019 to 9.85 kobo in 2020. While Return on Equity for the year under review stood at 17.2%, securing a place for the Bank among the top-4 quoted banks with the highest return to Shareholders in the country.

The 2020 result further reaffirms the growth trajectory witnessed by the bank over the last 3 years.

The Managing Director, Mr. Hassan Usman said the bank’s growth strategy focuses on the real sector of the economy, especially the Small and Medium Enterprises (SMEs) and financial inclusion.

Usman said: “We shall continue to develop new customers, new markets and new products for both our physical and virtual channels. We remain committed to continuously up-scaling our governance mechanism to meet best practice and regulatory requirements.”

The MD noted that while the bank would continue to expand its operations across the country by opening more branches, it will significantly leverage technology to reach its target markets across the nation and bring the underbanked and unbanked population into the formal economy.