The Abuja-based non-interest bank’s performance was helped
by considerable growth in its key income streams.
The bank, which is on course to adopt a holding company
structure, posted an increase of about 30 per cent in revenue, with gross
earnings jumping to N33.4 billion.
While income from financing contracts contributed N21.6
billion of that sum, income from investment activities accounted for N9.9
billion. Fees & commission and other operating income contributed the rest.
Jaiz Bank paid N6.9 billion as a return to equity investment
account holders compared to the N4.9 billion paid the previous year.
It counts Mohammed Indimi (founder/chairman of Oriental
Energy Resources), Dantata Investment & Securities Limited, Umaru Mutallab
(its former chairman and an ex-chairman of FirstBank Plc), Altani Investment
Limited, Islamic Development Bank and Dangote Industries Limited as its top
shareholders.
The six hold 67.9 per cent of the bank’s shares between
them, according to the annual report.
Other income for the year fell 39 per cent to N340.1 million
after a sharp drop in the bank’s wakala income – 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.
Operating expenses shot 37.9 per cent to N6.6 billion, the
major pressure point being a dramatic surge in directors’ expenses.
The company spent N1.1 billion on costs including directors’
training, directors’ fees, sitting allowance and the accrued severance package
of its immediate past CEO, more than three times what it spent on similar
purposes in 2021.
Pre-tax profit accelerated by 59.5 per cent to N6.6 billion,
while profit after tax stood at N6.9 billion from N4.1 billion. -PREMIUM TIMES
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