Jaiz Bank targets N9.8b earnings in Q1

• Published date: 24 January 2023
• Publication title: Nigeria - The Nation

Nigeria's premier and largest non-interest bank, Jaiz Bank Plc has projected gross earnings of N9.78 billion for the first three months of this year.

In its latest forecast, the management of the bank indicated that the bank would sustain impressive profit margins while driving top-line performance.

The three-month forecast for the period ending March 31, 2023 estimated that pre and post tax profits would be N1.40 billion and N1.26 billion respectively. This implies a pre-tax profit margin of 14.3 per cent and net profit margin of 12.9 per cent, within the top-bracket of the industry margins.

The forecast came as the board of directors of the bank prepares to release the full-year earnings report for the 2023 business year.

Interim report for the third quarter 2022 had shown that the bank sustained double-digit growths across key performance indicators with total assets of the leading alternative finance institution rising to N325.06 billion.

Key extracts of the interim report and accounts of Jaiz Bank for the nine-month period ended September 30, 2022 had shown that the bank's total income rose by 23 per cent from N13.03 billion in third quarter 2021 to N16.03 billion in third quarter 2022. With the inflationary trend, total expenses increased from N9.76 billion to N12.12 billion.

Profit before tax thus rose by 19.6 per cent from N3.27 billion in third quarter 2021 to N3.91 billion in third quarter 2022. After taxes, net profit grew by 14.4 per cent to N3.33 billion in third quarter 2022 as against N2.91 billion in comparable period of 2021.

The balance sheet of the non-interest bank also emerged stronger with appreciable growths in customers' deposits. Total assets rose by 16.4 per cent to N325.06 billion by September 2022 as against N279.28 billion recorded at the end of the year ended December 31...