Jaiz Bank targets N6.15bn gross earnings in Q1 2021
- To open new branches in South-West soon
Nigeria’s pioneer non-interest lender, Jaiz Bank Plc, has forecast N6.15 billion gross earnings for the first quarter of 2021.
The bank disclosed its performance targets across major metrics for early next year in its Q1 earnings forecast obtained from the Nigerian Stock Exchange (NSE), in which it also projected to rake in N5.79 billion in interest income.
It forecast a profit before tax of N830.41 million and a profit after tax (PAT) of N747.37 million during the period under review.
Jaiz 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 N1.85 billion as at the end of September 30, 2020, compared to N1.25 billion 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 N2.13 billion 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 N210 billion compared to N167 billion in the corresponding period of 2019, which was a 25.67 per cent increment.
The bank declared N13.65 billion gross income at the end of September 30, 2020, compared to N9.37 billion 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.
Meanwhile, in another development, Usman has recently announced the bank is working to open branches in Abeokuta and Ado Ekiti in order to onboard thousands of prospects as well as expand operations of the bank.
Speaking at the launch of the Hajj Savings Scheme (HSS) in Osun, Ogun and Ekiti States as part of the take off of the scheme in the South West region of the country, Mr Hassan said the bank has recognised the importance of the region both commercially and spiritually.