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The bank's finance and investment portfolio expanded by 16%, going from N357 billion in December 2023 to N415 billion by March 2024. Similarly, deposit liabilities saw an 11% increase, from N466 billion in December 2023 to N518 billion in March 2024.
Jaiz Bank Plc has disclosed its full-year financial outcomes for 2023 and the unaudited financial statements up to March 31, 2024, to the Nigerian Exchange Group (NGX). The bank reported a pre-tax profit of N11.2 billion for 2023, marking a substantial rise from the N6.9 billion seen in 2022.
In addition, the bank declared a pre-tax profit of N6.0 billion for Q1 2024, which is a 278% increase compared to the N1.6 billion achieved in the same period ending March 2023.
The bank's finance and investment portfolio expanded by 16%, going from N357 billion in December 2023 to N415 billion by March 2024. Similarly, deposit liabilities saw an 11% increase, from N466 billion in December 2023 to N518 billion in March 2024.
The bank's recent statement highlighted that its balance sheet is robust, diverse, and resilient, with total assets and shareholders’ equity concluding at N671 billion and N39 billion, respectively. The Capital Adequacy Ratio (CAR) stood strong at 15.91%, and the quality of assets showed continued enhancement.
The bank’s CEO, Haruna Musa, commented on the financial results, stating, "The financial performance for 2023 and the first quarter of 2024 demonstrates our board and management's dedication to consistently deliver value to our customers through tailored ethical finance solutions. We are strategically positioned to effectively compete and fulfill our customers' requirements with fair and ethical financing options."
Looking to the future, Musa added, "Our focus will remain on deepening our relationships with existing customers and welcoming new ones, while supporting individuals, businesses, and our communities with digital solutions and innovative products and services."
