Jaiz Bank has added N36 billion to the total market capitalisation of the Nigerian Stock Exchange ( NSE) following the official listing of its ordinary shares of N29.4 billion of 50kobo each at N1.25.
Speaking at the ‘Facts behind the listing’, the Chief Executive of the NSE, Oscar Onyeama said the listing has showcased Jaiz’s commitment as an institution with strong corporate governance structure.
Onyeama said: “With the listing, the country is set to tap into an Islamic finance global net-worth of $1.8 trillion, and projected to grow to $3.4 trillion by 2018.”
The chairman of Jaiz Bank, Alhaji Umaru Abdul Mutallab, debunked insinuation that the bank was designed to only service the Islamic community, saying it was a bank for all Nigerians interested in doing ethical business as prescribed by the Sharia law.
The bank, which started with a N3 billion deposit base in 2012, has grown that figure to N50 billion as at 2016, a growth rate of 30 per cent, with a current workforce of 600 staff across 30 branches across the country.
On the future outlook of the bank, the CEO, Hassan Usman, said going by the growth trajectory which averaged 30% per annum, Jaiz Bank’s prospects are bright, adding that the projection for the next five years indicated a gross revenue of N16 billion by 2021 and profit before tax of N7.9bn.
Jaiz Bank commenced operations in 2012 with three branches in Abuja, Kano and Kaduna after it was granted a Regional Operating License by the Central Bank of Nigeria. The branches have since increased to 27 across the country. More branches are to be opened within the year to extend the services to its growing clientele across the nation.
In another development, equities trading on the floor of the NSE shed N10.9 billion to close at N8.76 trillion as NSE ASI depreciated by 0.54% to close at 25,322.30 basis points, as against 0.05% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.78%.
Market breadth closed negative as MANSARD led nine gainers against 27 losers topped by PZ at the end of today’s session – an unimproved performance when compared with previous outlook.
Market turnover closed negative as volume moved down by 58.82% against 67.89% uptick recorded in the previous session. FIDELITYBK, DIAMONDBNK and ZENITHBANK were the most active to boost market turnover. NB and NESTLE topped market value list.
SKYEBANK leads the list of active stocks that recorded impressive volume spike at the end of today’s session.