A premier non-interest bank in Nigeria, Jaiz Bank Plc, has posted a profit after tax of N834 million for the year ended December 31st, 2018 as against N537 million in the corresponding period of 2017, showing a 55 percent growth.
The bank also disclosed a rise in total assets by 24percent (N108 billion) in the period under review when compared to N87 billion declared in 2017.
The 2018 audited report of the bank submitted to the Nigerian Stock Exchange (NSE) also showed significant increase in the bank’s customer deposits from N68 billion in 2017 to N85 billion, showing an increase of about 25percent.
This was contained in a statement signed by the Banks Managing Director/Chief Executive Officer, Hassan Usman made available to The Guardian yesterday in Abuja.
Speaking on the report, Hassan Usman attributed the development to improvement in its cost reduction mechanism and more investments in E-banking channels amongst others.
Usman said: “2018 is the year we demonstrated we have the capacity to grow safely and sustainably. We used a number of measures to spark progress in this regard, some of which include our commitment to the development of Micro, Small and Medium Enterprises, focus on unserved markets and the financially excluded, institutional alliances, nimble workforce as well as effective performance tracking’’ amongst others.
He stated further, “While noting the elements that contributed to our improved performance in 2018, we shall work harder on optimizing some of them for better outcome in 2019. For instance, I am committed to making sure that our engagement with the financially excluded remains boldly innovative as well as transformative in current and future years.”
According to him, in 2017, the leadership of the Bank crafted a strategic plan to transform Jaiz Bank into the leading Non-Interest Bank both at home and in Sub-Saharan Africa over the next five years.
He noted, “Since then we have been working hard across the business towards the strategic milestones we set for 2018 (being the first year), as well as focusing on ‘business as usual’. The commitment and dedication of our people is what is making me confident that the attainment of this goal is assured,”.