By Jeph Ajobaju, Chief Copy Editor
Jaiz Bank made N1.99 billion Profit After Tax (PAT) in half year ended June 30, 2021 (H1 2021), a 70.6 per cent growth on N1.17 billion in H1 2020, according to its financial results released to the Nigerian Stock Exchange (NSE).
Total Income grew by 42.1 per cent from N6.23 billion H1 2020 to N8.86 billion H1 2021.
Earnings per share jumped 70.3 per cent from 3.89 kobo in the first quarter of 2020 (Q1 2020) to 6.78 kobo in Q1 2021, per reporting by Nairametrics
The consistent earnings reassure stakeholders and investors, bolstering the bank as both the pioneer and leader in non-interest bank in Nigeria.
Managing Director/Chief Executive Officer Hassan Usman said the result reflects the bank’s positive outing in 2020 when it had Profit Before Tax of N3.07 billion.
He expressed the determination of the bank to maintain the remarkable earnings streak for the rest of the year by leveraging on technology and expansion of retail banking portfolio.
45.3% profit rise in H1 2020 with 21 litigations
Nairametrics recalls that H1 2020 unaudited financial results of Jaiz Bank showed fairly positive improvements in key indicators as follows:
Gross Income
Gross income from financing transactions notched N8 billion, a 39 per cent rise against N5.7 billion in H1 2019.
Total Expenses
Operating expenses, staff cost, depreciation and amortisation amounted to N4.9 billion, more than N3.9 billion greater than in H1 2019.
Profit After Tax
PAT grew 45.3 per cent to N1.1 billion compared with N814.3 million in H1 2019.
Total Assets
Total assets increased to N186.6 billion, a 11.6 per cent jump from N167.3 billion in H1 2019.
Jaiz Bank disclosed in its financial report that it was involved in 21 court cases, 16 of which were instituted against it and four instituted by it. One was a civil appeal against it.