BrandEscortNews— As part of efforts to achieve its short-term and long-term growth strategy, Jaiz Bank Plc, has gotten shareholders’ approval to raise N150 billion and restructure into a Holding Company.
The proposed structure will afford the bank the opportunity to penetrate into other related areas like Pension, Asset Management etc. The approval was secured on August 16, 2022, at the Bank’s 10th Annual General Meeting in Abuja.
Islamic, non-interest banking is a model of financing of partnering and sharing risks and returns, irrespective of partners’ faith/religion, tribe, etc. Over the past 10 years, the bank has grown from 3 branches to over 45 branches nationwide; growing its balance sheet from N12 billion to over N300 billion as at June 30, 2022. Over these years, the Bank has consistently delivered remarkable results to reaffirm this continuous growth trajectory as one of the most profitable banks in Nigeria.
In 2021FY for instance, gross income grew by 31.76% to N25.84 billion from N19.61 billion in 2020FY. Similarly, total assets grew by 19.55% to N279.28 billion from N233.60 billion in 2020, while shareholders’ funds for the period grew by 36.20% to N24.31 billion compared to N17.85 billion in 2020.
In 2022FY, the released H1 2022 financial statements of the non-interest bank show that gross income inched up by 23% to N14.335 billion from N11.652 billion recorded 12 months ago. Supported by the growth in other operating income, fees and commission receipts Jaiz Bank’s total income jumped by 17.8% to N10.44 billion from N8.86 billion in H1 2021. On the strength of the strong top line, the bank’s profit after tax grew by 26.82% to N2.535 billion from N1.999 billion.
Driving the Bank’s strong bottom line over the years is the healthy income from financing contracts. In H1 2022, financing contracts income stood at N10.087 billion; 40.6% above N7.175 billion reported in the comparable period last year. Driving the financing contract income is income from Murabaha transactions, which accounted for 66.2% of the N10.087 billion financing contract income.