Jaiz Bank reports impressive Q3 result with 99.20% increase in pre-tax profit
By Kingsley Odii
Jaiz Bank Plc, a leading non-interest bank, has released its financial statements for Q3 2023, showcasing remarkable growth and profitability. The bank recorded a pre-tax profit of N2.75 billion, representing a staggering 99.20% increase compared to the same quarter in 2022.
The robust performance was primarily driven by the bank’s gross earnings, which reached N10.76 billion in Q3 2023, marking a significant year-on-year growth of 31.59% from the N8.17 billion recorded in Q3 2022. These figures contributed to Jaiz Bank’s nine-month earnings of N31.1 billion, reflecting a noteworthy year-on-year increase of 39%.
Delving into the details, the bank’s financing and investment transactions recorded gross earnings of N10.76 billion in Q3 2023, showing a commendable 31.59% year-on-year growth. Moreover, the bank’s net income after provisions reached an impressive N9.79 billion, demonstrating a substantial 36.40% increase compared to Q3 2022.
As an equity investor, Jaiz Bank’s position witnessed remarkable growth, with its share valued at N7.19 billion, representing a significant year-on-year increase of 34.30%. Furthermore, the bank’s total income surged to N8.26 billion, indicating a remarkable 44.12% increase compared to the same quarter in 2022. Meanwhile, total expenses rose by 26.63% year-on-year to N5.51 billion.
The exceptional performance across various metrics resulted in a substantial increase in profit before tax, which amounted to N2.75 billion in Q3 2023, showcasing a staggering 99.20% growth compared to the same quarter in the previous year. The bank’s profit for the period also soared, reaching N2.66 billion, reflecting an impressive 185.77% increase year-on-year.
Additionally, Jaiz Bank’s earnings per share saw significant growth, reaching N0.063, representing a remarkable 135.07% increase compared to Q3 2022. The bank’s total assets also witnessed substantial growth, amounting to N546.04 billion, marking a substantial year-to-date increase of 43.76%.
Operating under Islamic banking principles, Jaiz Bank’s earnings are primarily derived from investing and financing activities. Notably, the bank’s investment in Sukuk reached N56.84 billion for the period ending September 30, 2023, indicating a remarkable year-to-date increase of 367%.
With its impressive Q3 2023 results, Jaiz Bank Plc continues to solidify its position as a leading non-interest bank, demonstrating its commitment to delivering strong financial performance and value to its stakeholders.
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