Jaiz Bank Targets N6.15bn Gross Earnings In Q1, 2021

Jaiz Bank Plc has said it is projecting to achieve N6.15bn gross earnings for the first quarter of 2021.

In its Q1 earnings forecast obtained from the Nigerian Stock Exchange, the bank also projected to rake in N5.79bn in interest income.

It forecast a profit before tax of N830.41m and a profit after tax of N747.37m during the period under review.

Jaiz Bank, a non-interest bank, recorded 47.7 per cent growth in profit after tax for the third quarter ended September 30, 2020.

According to its financial 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 per cent.

The bank’s results showed that profit before tax was N2.13bn compared to N1.47 billion realised in the corresponding period of 2019, representing a 44.36 per cent.

Breakdown of the results shows that total assets of the bank as at September 30, 2020 was N210bn compared to N167bn in the corresponding period of 2019, which was a 25.67 per cent increment.

The bank declared N13.65bn gross income at the end of September 30, 2020, compared to N9.37bn in the corresponding period of 2019, a 45.71 per cent growth.

The bank’s earnings per share increased by 48 per cent from 4.25 kobo in September 30, 2019 to 6.28 kobo as at September 30, 2020.

Commenting on its performance, the Managing Director of the bank, Mr Hassan Usman, said the Q3 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.