•Sustains impressive profit growths
Nigeria’s premier and largest non-interest bank, Jaiz Bank Plc sustained double-digit growths across key performance indicators in the third quarter with total assets of the leading alternative finance institution rising to N325.06 billion.
Key extracts of the interim report and accounts of Jaiz Bank for the nine-month period ended September 30, 2022 released at the Nigerian Exchange (NGX) showed that the bank’s total income rose by 23 per cent from N13.03 billion in third quarter 2021 to N16.03 billion in third quarter 2022. With the inflationary trend, total expenses increased from N9.76 billion to N12.12 billion. Profit before tax thus rose by 19.6 per cent from N3.27 billion in third quarter 2021 to N3.91 billion in third quarter 2022. After taxes, net profit grew by 14.4 per cent to N3.33 billion in third quarter 2022 as against N2.91 billion in comparable period of 2021.
The balance sheet of the non-interest bank also emerged stronger with appreciable growths in customers’ deposits. Total assets rose by 16.4 per cent to N325.06 billion by September 2022 as against N279.28 billion recorded at the end of the year ended December 31, 2021. Customers’ deposits rose from N111.56 billion in December 2021 to N118.11 billion in September 2022.
Managing Director, Jaiz Bank Plc, Dr. Sirajo Salisu, has assured that the bank would build on its enviable pedigree as it seeks to consolidate its leadership in the non-interest financial services industry.
Salisu, who took over in a seamless transition from Mr. Hassan Usman, whose tenure ended after retirement on October 15, 2022, said the growth trajectory of the bank would remain upward.
”As we look ahead into the next phase of our bank, we will continually show our best, and meet the challenges of our world so that we can build a future in which we thrive together,” Salisu said.
Salisu, a former executive director at the bank, assured all stakeholders of his commitment to building on the achievements of the bank over the past 10 years.
Jaiz Bank has already secured shareholders’ approvals to raise not less than N150 billion in new capital through Sukuk issuance and to implement a holding company structure that will see the bank engaging in other ancillary financial services.
Jaiz Bank’s planned N150 billion Sukuk will be the largest non-interest bond issuance in the Nigerian capital market.
Shareholders have also mandated the board of directors to take all necessary steps and transactions that would enable the bank to achieve its short to long-term growth objectives as well as greater competitiveness. These steps and transactions may include acquisitions, new investments, restructuring; expansion, capital raising and other business arrangements that enhance the bank’s growth trajectory.
Until his appointment, Salisu had held several senior executive positions in the bank including regional manager for southern operations, chief risk officer and executive director, business development for the northern region. He was credited with providing key strategic direction that led to the growth of the bank’s business in the northern region.
Prior to joining Jaiz Bank in 2016, Salisu had served as the managing director of Arab Gambian Islamic Bank (AGIB) for six years.
Salisu is a 1991 BSc. Economics graduate from Bayero University Kano. He has an M.Sc. in Monetary Economics from the University of Port Harcourt and Ph.D. in Agricultural Economics from Abubakar Tafawa Balewa University, Bauchi. He also obtained another Master’s Degree in Islamic Banking and Finance from Bayero University, Kano. He is a Fellow of the Institute of Credit Administration (FICA) and Honorary Senior Member of the Chartered Institute of Bankers of Nigeria (CIBN).