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Jaiz Bank announces N3bn as 2020 profit before tax

Jaiz Bank, one of Nigeria based non-interest banks, has declared a profit before tax of N3.07 billion for 2020 financial year, a 45.31per cent increase over N2.11 billion recorded in 2019.

From the account report, the gross earnings, for accounts for the year ended December 31, 2020, showed a 33.29 per cent growth from N14.71 billion in 2019 to N19.6 billion in 2020.

The bank’s total assets, during the year under review, was N233.59 billion as against N167.27 billion realised in the previous year, representing a 40 per cent growth.

Similarly, there was a leap in the profit after tax from N2.44 billion in the preceding year to N2.90 billion for the year ended December 31, 2020.

Earnings per share increased from 8.29 kobo in 2019 to 9.85 kobo in 2020. While return on equity for the year under review stood at 17.2 per cent, securing a place for the bank among the top-four quoted banks with the highest return to shareholders in the country, according to a statement that was issued by the bank yesterday.

The 2020 result further showed  the growth trajectory  the bank has seen over the last three years.

The bank’s  Managing Director (MD), Hassan Usman, said the bank’s growth strategy focuses on the real sector of the economy, especially the Small and Medium Enterprises (SMEs) and financial inclusion.

According to him, “we shall continue to develop new customers, new markets and new products for both our physical and virtual channels. We remain committed to continuously up-scaling our governance mechanism to meet best practice and regulatory requirements.”

The MD said, while the bank would continue to expand its operations across the country by opening more branches, it will significantly leverage on technology to reach its target markets across the nation and bring the under-banked and un-banked population into the formal economy.

 

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