Jaiz Bank declares N794 million profit

Posted by News Express | 1 June 2016 | 2,914 times

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Jaiz Bank Plc has declared a profit before tax of N794 million in the 2015 financial year, a 526 per cent growth against the preceding year with N126.8 million.
The bank also declared a total income of N4.4 billion and financial assets growth of 18 % and deposits growth of 41% with N25.3 billion given as loans to customers for the financial year.
The Chairman of the Bank, Mr Umar Mutallab, told shareholders at the Annual General Meeting that the bank was set to surpass all targets in the coming financial year.
There was barely a space left unfilled as shareholders gathered for the Annual General Meeting of Jaiz Bank Plc to get an update on the bank’s financial standing for the 2015 financial year ending.
The Secretary of the bank, Rukayat Salaudeen, brought the first set of good news, as she declared a N10 billion increase in the authorised share capital of the bank.
With 18 % increase in total assets closing at N52.6 billion, 47 % finance income at N23.8 billion and a customer deposit base of N38.7 billion, shareholders look forward to the future of the bank.
The Chief Executive Officer of the bank, Mahe Abubakar, said it took over two years to break even before the success story which they plan to build upon.
It is a plan the chairman of the bank believes is achievable through close knitted collaboration.
The non-interest bank’s new slogan, ‘For A Better Life’, is set on its objective to add value to the generality of humanity by touching lives in a positive way.
With the right issue oversubscribed by shareholders, the future of non-interest banking in Nigeria, with Jaiz Bank taking the lead, is set for greater heights.

•Photo shows Jaiz Bank Chairman, Umar Mutallab.


Source: News Express

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