Jaiz Bank, Nigeria's Largest Islamic Bank, Announces Highest Profit in 5 Years
- Jaiz Bank, Nigeria's largest Islamic bank, has reported its highest profit in five years
- The bank's profit after tax rose to N6.9 billion, up by 69% from the previous year
- Jaiz Bank is one of the several fully licensed non-interest (Islamic) banks in Nigeria
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Jaiz Bank, the largest Islamic bank in Nigeria, has reported its highest profit in five years, according to its 2022 financial statement submitted to the Nigerian exchange.
According to the statement, the bank's profit after tax in 2022 rose to N6.9 billion, 69% from N4.1 billion recorded in 2021.
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Jaiz Bank also reported that its pre-tax profit accelerated by 59.5% to N6.6 billion.
The bank's strong financial performance during the year (2022) also helped increase gross earnings by 29.4% to N33.42 billion in 2022 from N25.84 billion in 2021.
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Breakdown of Jaiz Bank's financial performance
- Income from financing contracts contributed N21.6 billion to the bank's total revenue.
- Income from investment activities accounted for N9.9 billion.
- Fees and commissions contributed N1.64 billion.
- Operating expenses increased by 37.9% to N6.6 billion, with administrative and directors' expenses as the significant pressure points.
- N1.1 billion was spent on directors' expenses, including training, fees, sitting allowance, and the accrued severance package of the former CEO.
- Total assets grew by 36% to N379.8 billion, thanks to an increase in Sukuk investment, financing assets, and balances with the Central Bank of Nigeria.
- Deposits from customers also increased by 39.4% to N291.5 billion in 2022
All you need to know about Islamic banking
Meanwhile, in another report, Legit.ng provided insight into all that makes an Islamic bank in Nigeria different from commercial banks.
The report captured the mode of operation, how profit is made, and critical information on why Christians love the bank.
Additionally, a comprehensive list of Islamic banks in Nigeria was unveiled, distinguishing between full-fledged non-interest banks and commercial banks that have a subsidiary Islamic bank.
Source: Legit.ng
