Jaiz Bank reports N9.88bn gross earnings in first quarter of 2023

Jaiz Bank Plc, Nigeria’s pioneer non-interest Bank, has declared a double-digit growth across all performance indices in the first quarter (Q1) of 2023 business year.

In a statement released to the Press on Monday, the Bank declared in an unaudited profit result that it had recorded 44.55 per cent profit growth in its pre and post-tax, showing that the gross income had risen by 38.3 per cent as at the end of the first quarter March 31st, 2023.

The Bank also said the gross income rose to N9.88 billion in Q1 2023 as against N7.2382 billion in Q1 2022.

The Bank further posted a profit before Tax (PBT) of N1.59 billion, a year-on-year increase of 45.62 per cent over the N1.10 billion reported in Q1 2022.

In 2023, the Bank initiated several measures to pursue greater efficiency and to realign its business and strategic priorities resulting in a significant growth in the balance sheet size from N379.82 billion by December 2022 to N452.82 billion by March 2023.

It would be recalled that the Bank’s pre and post-tax profits forecast for the period ending March 31, 2023, were estimated at N1.40 billion and N1.26 billion respectively.

This implied a pre-tax profit margin of 14.3 per cent and net profit margin of 12.9 per cent, within the top bracket of the industry margins.