Pre-tax profit accelerated by 59.5 percent to N6.6 billion,
while profit after tax stood at N6.9 billion from N4.1 billion recorded in the
previous year.
The bank also had an increase of 29.4 percent in gross
earnings to N33.42 billion in 2022 from N25.84 billion in 2021.
Income from financing contracts contributed N21.6 billion of
that sum, income from investment activities accounted for N9.9 billion and Fees
& commission contributed N1.64 billion.
Jaiz Bank paid N6.9 billion as a return to equity investment
account holders compared to the N4.9 billion paid the previous year.
Other income for the year fell 39 per cent to N340.1 million
after a sharp drop in the bank’s Wakala income to N81.9 million in 2022 from
N359.8 million – income derived from deposits received from corporate and high-net
individuals and invested in a specific venture agreed with them.
The bank cut unrealised foreign exchange loss to N143
million from N214.7 million a year earlier due to the foreign currency
revaluation, which declined to N143 million in 2022 from N214.7 million
recorded in the previous years.
Operating expenses shot 37.9 percent to N6.6 billion, the
major pressure point being a dramatic surge in administrative expenses, which recorded
an increase to N 2.45 billion from N2.17 billion and directors’ expenses to
N1.1 billion from N341.7 million recorded in the previous year.
The N1.1 billion spent on director’s expenses were recorded
as costs including directors’ training, fees, sitting allowance and the accrued
severance package of Hassan Usman, immediate past CEO, more than three times
what it spent on similar purposes in 2021.
Total assets also grew by 36 percent to N379.8 percent
recorded in 2022 from N279.3 in 2021.
An increase in total assets was seen from an increase in
investment in sukuk which stood at N75.7 billion, financing assets of N136.97
billion and balances with the Central Bank of Nigeria of N93 billion, among
other things.
The bank also recorded an increase in deposits by 39.4
percent at the end of its financial year, to N291.5 billion in 2022 from N209.1
billion in 2021.
Cash and cash equivalents stood at a 67.7 percent increase
to N117.1 billion recorded at the end of 2022, from N69.8 billion in 2021.
Total equity recorded at the end of 2022 was N29.8 billion,
a 22.6 percent increase from N24.31 billion recorded in 2021.
The Bank’s earnings per share for the period under review
also grew by 39.1 percent to N19.2 kobo from 13.8 kobos as at end of December
2021.
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