Nigerian Non-Interest Bank’s Annual Profit Hits N6.6billion

The annual increase got an uptick of N2.4 billion, representing 68 percent, a feat recorded in the face of global economic downturn.

Chairman, board of directors of Jaiz Bank, Alhaji Mohamamd Mustapha Bintube announced this during the 11th Annual General Meeting (AGM) of the bank held in Kano state north western Nigeria.

The bank recorded an increase in it’s gross earnings to the tune of N33.43 billion in 2022 representing 29 percent, a shore up performance from the N25.8 billion earned in 2021

Its net income equally increased by N22.5 billion in the 2022 financial year, representing 33 percent up from the N16.9 billion recorded in the year 2021.

Similarly, the bank witnessed a total assets increase of N379.6 billion in the year 2022, representing 36 per cent compared to N279.3 billion recorded in the corresponding year of 2021.

Annual declared dividend in 2022 grew by 25 percent to 5 kobo per share compared to a year ago.

The Chairman Alhaji Bintube said the success recorded in the year 2022 were due to strategic investments in digital, fintech transformations and  increase in the bank’s operating expenses, promising that the bank will enhance services in the coming year with further digital reformation, stimulation of robust customers’ relations with more focus on SMEs

“Jaiz will sustain the momentum and improve on its strategic growth and support, especially in the area of innovation, with new products, Medium and Small Entrepreneur and digitalization,”he said.The Managing Director of the bank, Dr. Sirajo Salisu said the bank is poised to expand its branches across the country with additional 13 branches in addition to the existing 47 as well as grow its customer base to 4 million in the next five years.

One of the shareholders, Patrick Ajujua commended the bank for the efficient management, growth and consistent payment of dividends and other returns on people’s investment over there years.

“On the way forward, I urge the management to do more in the areas of investment in small and medium scale enterprises, especially women empowerment to creat more job opportunities in the country,” he advised.