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The bank reported a profit before tax of ₦11.2 billion in
2023, a significant increase from the ₦6.9 billion recorded in 2022.
Additionally, the bank posted a profit before tax of ₦6.0 billion in Q1 2024,
representing a 278% increase over the ₦1.6 billion recorded in the
corresponding period ended March 2023.
The bank’s finance and investment portfolio grew by 16%,
from ₦357 billion as of December 2023 to ₦415 billion in March 2024, while
deposit liabilities increased by 11%, from ₦466 billion in December 2023 to
₦518 billion in March 2024.
Jaiz Bank’s balance sheet remains well-structured,
diversified, and resilient, with total assets and shareholders’ funds closing
at ₦671 billion and ₦39 billion, respectively.
The Capital Adequacy Ratio (CAR) remains robust at 15.91%,
while asset quality continues to improve.Commenting on the results, the bank’s
Chief Executive Officer, Haruna Musa, said: “Our 2023 and first quarter 2024
results reflect the commitment of the board and management to continually add
value to our customers through bespoke ethical finance.
We are well-positioned to compete effectively on all fronts
and meet our customers’ needs through fair and ethical financing. Despite the
challenging operating environment, we continue to enhance our performance
across all indices, recording significant growth in both financial and
non-financial metrics. We remain on track to become the leading ethical bank in
Africa.” Looking ahead,
Haruna Musa remarked: “We will continue to focus on
strengthening our relationships with loyal customers and attracting new ones,
supporting not just individuals and businesses but also our communities through
digital platforms and innovative products and services.
We are confident in our journey to lead the future of
ethical finance in Africa and will not relent in our commitment to excellence
while delivering long-term value to all stakeholders.”Overall, Jaiz Bank
continues to deliver superior metrics, with a return on average equity (ROE) of
61.38%, a return on average assets (ROA) of 3.60%, and a capital adequacy ratio
(CAR) of 15.91%