Jaiz Bank Records N9.88bn in Gross Earnings

James Emejo in Abuja

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

In a statement, the bank noted that its profit grew by 44.55 per cent in its pre- and post-tax performance, as gross income increased by 38.3 per cent as at March 31, 2023.

The implementation of several measures to pursue greater efficiency and to realign its business and strategic priorities resulted in a significant growth in the balance sheet size from N379.82 billion by December 2022 to N452.82 billion by March 2023.

The statement also said the gross income rose to N9.88 billion in the review period compared to N7.23 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.