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Tag: JAIZ Bank

  • Sterling Bank, Jaiz Bank, others make NSE’s index stocks

    The Nigerian Stock Exchange (NSE) has included Sterling Bank and Jaiz Bank as part of stocks that will form benchmark stocks for stocks’ groups and sectors.

    The NSE stated that it has reviewed its NSE-30 Index and eight sectoral indices, including NSE Consumer Goods, NSE Banking, NSE Insurance, NSE Industrial, NSE Oil & Gas, NSE Pension, NSE Lotus Islamic and NSE Corporate Governance Indices.

    The composition of these indices took effect January 1, 2019, after the completion of the year-end review and index rebalancing exercise which saw the entry of some major companies and the exit of others from the various indices.

    According to NSE, Sterling Bank has now been included in the NSE 30 Index, the benchmark index that tracks the 30 largest companies on the Exchange. Jaiz Bank has now been included in the NSE Banking Index, which tracks the most influential banking sector. The NSE had removed Beta Glass and Diamond Bank from the NSE 30 Index and NSE Banking Index respectively. Jaiz Bank also replaced Nigerian Aviation Handling Company (Nahco) in the NSE Lotus Islamic Index, which tracks Sharia’a compliant stocks.

    Also, the NSE Insurance Index now included Consolidated Hallmark Insurance Plc, Sovereign Trust Insurance Plc and Regency Assurance Plc while Continental Reinsurance Plc, Staco Insurance Plc and Standard Alliance Insurance Plc have been removed. In the NSE Oil and Gas Index, which tracks the oil and gas sector, MRS Oil Nigeria replaced Eterna as one of the benchmark stocks.

    The NSE Pension Index now included Cement Company of Northern Nigeria (CCNN) Plc, Beta Glass Co. Plc and Julius Berger Plc while Diamond Bank Plc, Continental Reinsurance Plc and Ecobank International Incorporated were removed.

    The indices, which were developed using the market capitalization methodology, are usually rebalanced on a biannual basis, the first business day in January and in July. The stocks are selected based on market capitalization and liquidity. The liquidity is based on the number of days the stock is traded during the preceding two quarters.

    To be included in the index, the stock must have traded for at least 70 percent of the number of trading days in the preceding two quarters.

    The NSE began publishing the NSE 30 Index in February 2009 with index values available from January 1, 2007.

    On July 1, 2008, The NSE developed four sectoral indices and one index in 2013, with a base value of 1,000 points, designed to provide investable benchmarks to capture the performance of specific sectors. The Insurance and Consumer Goods sector index, comprises the 15 most capitalized and liquid companies; Banking and Industrial Goods sector index, comprised of 10 most capitalized and liquid companies, while the Oil & Gas sector index, is composed of the seven most capitalized and liquid companies.

  • Jaiz Bank deepens financial inclusion at Kano Fair

    Jaiz Bank Plc, the first non-interest bank in Nigeria, plans to deepen financial inclusion at 39th Kano International Trade Fair with its bespoke products and services.

    The bank promised to delight visitors as well as existing customers with value adding products such as agriculture financing, MSMEs financing, home finance in an ethically conforming standard.

    The bank will also present to the public the JaizMobile and also its unique USSD Code (*389*301#) for SMS banking that enables customers do banking transactions without coming to the banking hall.

    Other service Jaiz Bank will display at the fair is Agency Banking which has the capability of bringing banking services to thousands of individuals seamlessly through our agent network.

  • Jaiz Bank deepens financial inclusion at Kano fair

    Jaiz Bank Plc, the first non-interest bank in Nigeria, plans to deepen financial inclusion at 39th Kano International Trade Fair with its bespoke products and services.

    The bank promised to delight visitors as well as existing customers with value adding products such as agriculture financing, MSMEs financing, home finance in an ethically conforming standard.

    The bank will also present to the public the JaizMobile and also its unique USSD Code (*389*301#) for SMS banking that enables customers do banking transactions without coming to the banking hall.

    Other service that Jaiz Bank will display at the fair is Agency Banking which has the capability of bringing banking services to thousands of individuals seamlessly through our agent network.

     

  • Jaiz Bank to disburse $20m to SMEs

    Jaiz Bank Plc said it would soon begin the disbursement of the $20 million facility for operators of Small and Medium Enterprises (SMEs) to help grow the economy.

    Its Managing Director  Hassan Usman made this known at a briefing on the performance of the Islamic bank in Nigeria.

    Usman,  who said the fund would be disbursed before the end of the year, noted:  “The SME financing line from the Islamic Cooperation for Development (ICD), which we signed publicly states that when you start to do the work and tidy up to make sure the agreement and all the conditions precedent are met, we  and we have lined up a number of customers desirous of benefiting from this facility and very soon we will start to disburse to these customers.”

    He added that Jaiz Bank has started a five-year strategic plan to provide better services to its customers.

    He said: “The bank has increased its visibility in Lagos by opening two or three more branches, this would be extended to other regions of the country.”

    According to him, “we are having a balance sheet size that is growing by 20 per cent year-on-year and our branch network has increased from 27 to 32 and we hope to increase this to 40 branches before the end of the year.”

     

     

  • Jaiz Bank assures on sustainable growth

    Jaiz Bank Plc board of directors has assured that the bank would continue to improve on its performance as the pioneer non-interest bank expands its operations.

    At the Annual General Meeting (AGM) at the weekend in Abuja, its Chairman, Dr. Umaru Abdul Mutallab said the bank was able to attain the feat last year because of its unique business model, particularly the strength of its organic retail growth.

    Key extracts of the audited report and accounts of Jaiz Bank for the year ended December 31, 2017 showed that pre-tax profit-margin-which measures the underlining profitability of the company- doubled from 5.5 per cent in 2016 to 11 per cent in 2017. The pre-tax profit margin denotes the efficiency of the core operational and administrative cost management, and it is usually taken as a more definitive index of performance than top-line margins.

    The report indicated a well-rounded performance as gross earnings rose by 40 per cent from N6.18 billion in 2016 to N8.10 billion last year. Gross profit grew by 34 per cent to N6.705 billion in 2017 as against N5.003 billion in 2016. Profit before tax jumped by 160.6 per cent from N343.02 million in 2016 to N894.01 million in 2017. However, the bank’s tax provision leapt by 1,024 per cent from N31.75 million in 2016 to N356.89 million in 2017. This moderated the net profit growth to 14.7 per cent from N311.27 million in 2016 to N356.89 million in 2017.

    The 2017 report is the first audited report to be submitted by Jaiz Bank as a publicly quoted company. It had recorded another milestone on February 9, last year as the first non-interest financial institution to be listed on the Nigerian Stock Exchange (NSE) with the admission of the entire issued share capital of the bank to the main board of the Exchange.

    The bank’s Managing Director, Mr. Hassan Usman, said it would this year again demonstrate that it has the capacity to grow safely and sustainably.

    “We are using a number of measures to spark progress in that regard, some of which include the automation of our retail financing business, focus on underserved markets and the financially excluded, institutional alliances, nimble workforce and effective performance tracking amongst others,” Usman said.

    He noted that the bank has gradually been surpassing its challenges and waxing stronger.

    “Looking at what we have achieved over the short existence as a bank, I have a strong faith that Islamic banking is going to command a lot of respect and a force to reckon with in this country in the nearest future,” Usman added.

     

  • Jaiz Bank targets N15.9b profit in five years

    •Assures on sustainable growth

    Jaiz Bank Plc will grow its income and profitability consecutively over the next five years, with pre-tax profit for the period expected to be about N15.86 billion.

    Presenting the underlying facts behind the operations of the bank to the investing public at the Nigerian Stock Exchange (NSE), management of the bank outlined the five-year growth plan of the pioneer non-interest bank, with an assurance that it will sustain year-on-year growth over the next five years.

    Managing Director, Jaiz Bank Plc, Mr. Hassan Usman, said overall vision of the bank is to become the leading non-interest financial institution in Sub Saharan Africa.

    He said the bank has been positioned to sustain its growth trajectory, pointing out that the bank has the necessary resources to achieve its growth targets.

    According to the five-year financial forecast, total income is expected to be about N81.17 billion while profit after tax is projected at N11.09 billion for the five-year period. Gross income is expected to rise to N10.07 billion in 2018 and subsequently to N12.59 billion, N15.73 billion, N19.27 billion and N23.51 billion in 2019, 2020, 2021 and 2022 respectively.

    Profit before tax is projected to rise to N1.33 billion in 2018 and grow consecutively to N2.03 billion, N3.01 billion, N43.03 billion and N5.47 billion in 2019, 2020, 2021 and 2022 respectively. After taxes, net profit will rise to N927 million in 2018 and grow further to N1.42 billion in 2019. Profit after tax is projected to jump to N2.11 billion in 2020 and rise consecutively to N2.82 billion and N3.83 billion in 2021 and 2022 respectively.

    Balance sheet of the bank is also expected to increase over the years. Total assets is projected at N123.61 billion in 2018 and subsequently to N150.5 billion, N182.6 billion, N220.02 billion and N262.80 billion in 2019, 2020, 2021 and 2022 respectively. Deposit is projected to rise consecutively to N88.55 billion, N113.34 billion, N142.81 billion, N177.09 billion and N216.05 billion in 2018, 2019, 2020, 2021 and 2022 respectively. Shareholders’ fund is projected to rise to N28.6 billion in 2018 and grow consecutively to peak at N35.23 billion by 2022.

    Shareholders’ return is also expected to grow over the years. Return on equity is expected to firm up to 4.39 per cent in 2018 and improve consecutively to 4.87 per cent, 6.92 per cent, 8.79 per cent and 11.22 per cent in 2019, 2020, 2021 and 2022 respectively.

    Usman said the bank’s growth strategy of focussing on the real sector, though painstaking, will ensure sustainable growth and better returns over the years.

    According to him, Jaiz Bank wants to develop small and medium enterprises (SMEs), grow with them and support them not only for profit making but to ensure the country achieves real growth.

    He said the bank would soon start to disburse $20 million financial lifeline to SMEs as part of the commitments of the bank to drive the growth of the real sector of the economy. Jaiz Bank and Islamic Corporation for the Development of Private Sector (ICD), the development arm of Islamic Development Bank (IDB), had recently signed a $20 million line of agreement to finance SMEs in Nigeria.

    “We shall continue to internally develop new customers, new markets and new product for both our physical and virtual channels. We remain committed to continuous up-scaling of our governance mechanism to meet the highest operating standards. Cost efficiency is at the heart of our value creation model. We shall strive to be a low cost operator,” Usman said.

    He noted that while the bank would continue to expand its operations across the country by opening more branches, it will significantly leverage on technology to reach the nooks and crannies of the country and bring the semi-banked and unbanked population into the formal economy.

    Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr Oscar Onyema, said Jaiz Bank has demonstrated ability to grow sustainably, urging the bank to continue to uphold high corporate governance.

    Doyen of Stockbrokers, Mr. Sam Ndata, commended Jaiz Bank for continuing to keep investors up-to-date on its operations.

    Former president of Chartered Institute of Stockbrokers (CIS) and Vice Chairman/Chief Executive Officer, Capital Assets Limited, Mr. Ariyo Olushekun also commended the management of the bank for its commitments to sound corporate practices.

  • Jaiz Bank unveils five-year strategic plan

    Jaiz Bank Plc has come up with a five-year (2018 – 2022) Corporate Strategy to help transform and attain its set mission and vision.

    Its Managing Director/CEO Hassan Usman disclosed this at the commissioning of the bank’s Modern Training Centre in Zaria. The Centre will provide manpower training on Non-interest (Islamic) Banking and Finance.

    Represented by the bank’s Deputy Managing Director, Mahe, he said “at the heart of this new Strategy is the positioning of the bank to become a lead player by the year 2022. In line with this, a set of strategic objectives have also been defined, with various projects identified and ongoing, and which are targeted at enabling us to achieve our goals.”

    He noted that “as a bank with focus, our transformational strategies cuts across projects for which we have engaged various consultants, some of these projects are at the closing stage, while some others are just kick starting.”

    Usman further said that, “these changes are intended to bring about efficiency and effectiveness, while building the desired trust with our customers.”

    Some of the projects include a new Internet Banking Platform which will be rolled out to customers soon, reopening of Jaiz MasterCard to customers intending to do foreign transactions, the upgrade of the Bank’s IT infrastructure, Banking Application to the latest IMAL version 14, and deployment of a robust Credit Facility solution to facilitate a seamless, automated, and swift credit facility process for both the Retail and Corporate banking customers.

     

     

  • Jaiz Bank grows profit by 161% to N894m

    Jaiz Bank Plc-Nigeria’s pioneer non-interest commercial bank recorded significant growths in key performance indicators in 2017 with the Islamic bank making an average of a double of previous profit on every unit of transaction during the period.

    Key extracts of the audited report and accounts of Jaiz Bank for the year ended December 31, 2017 showed that pre-tax profit-margin-which measures the underlining profitability of the company- doubled from 5.5 per cent in 2016 to 11 per cent in 2017. The pre-tax profit margin denotes the efficiency of the core operational and administrative cost management, and it is usually taken as a more definitive index of performance than top-line margins.

    The report indicated a well-rounded performance as gross earnings rose by 40 per cent from N6.18 billion in 2016 to N8.10 billion in 2017. Gross profit grew by 34 per cent to N6.705 billion in 2017 as against N5.003 billion in 2016. Profit before tax jumped by 160.6 per cent from N343.02 million in 2016 to N894.01 million in 2017. However, the bank’s tax provision leapt by 1,024 per cent from N31.75 million in 2016 to N356.89 million in 2017. This moderated the net profit growth to 14.7 per cent from N311.27 million in 2016 to N356.89 million in 2017.

    The 2017 report is the first audited report to be submitted by Jaiz Bank as a publicly quoted company. Jaiz Bank had recorded another milestone on February 9, 2017 as the first non-interest financial institution to be listed on the Nigerian Stock Exchange (NSE) with the admission of the entire issued share capital of the bank to the main board of the Exchange.

    Speaking against the background of the performance of the bank recently, Managing Director, Jaiz Bank Plc, Hassan Usman attributed the impressive performance of the bank to the support from the board, management and staff of the bank and the commitment to the business model which is hinged on a better life for all stakeholders.

    “Gradually, we kept surpassing our challenges and are waxing stronger. Looking at what we have achieved over the short existence as a bank, I have a strong faith that Islamic banking is going to command a lot of respect and a force to reckon with in this country in the nearest future,” Usman said.

    He said the bank’s directors and management have ambitious ideas about what the bank would like to be, and with the supports of its shareholders, the bank is committed to ensuring it becomes a formidable player in the Nigerian financial market.

    He outlined that the bank would focus on opening more branches in different parts of the country and fostering its strategy of providing retail banking to a large segment of the society who are desirous of its products and services.

    “We are focused on building on our culture of ethics and taking the necessary decisions to align our perspective with client expectations,” Usman said.

    He assured that Jaiz Bank will continue to open up new vista of opportunities and provide a new future of wide-ranging financial services to all Nigerians adding that the bank has demonstrated its resilience in its formative years and now looks forward to the future with more optimism.

    He urged Nigerians, irrespective of their religious background, to embrace the concept of non-interest banking as alternative financing model.

  • Jaiz Bank, IDB sign $20m SMEs financing deal

    Jaiz Bank Plc and Islamic Corporation for the Development of Private Sector (ICD), the development arm of Islamic Development Bank (IDB), yesterday signed a $20 million line of agreement to finance Small and Medium Sized Enterprises (SMEs) in the country.

    The financing deal covers sectors such as industry, communications, technology, health, manufacturing, agriculture among others.

    Managing Director, Jaiz Bank, Mr. Hassan Usman signed on behalf of the bank while the Regional Office Director of ICD, Mr. Okan Altasil signed for the corporation.

    Hassan promised to judiciously use the facility to promote financial inclusion and development of the grassroots.

    “We would ethically deploy the funds to develop SMEs which is our focus area. We are going to use it to finance the retail end of the economy with the hope of bringing financing to those financially excluded, in line with our mission of making life better for people through ethical financing,” Hassan said.

    The ICD management said the reason for extending such financing to some Nigerian banks was because SMEs have crucial role to play in a country’s growth and development.

    “This is an important niche in all the member countries, especially in Africa. ICD is now focusing on increasing access to funding to the private sector by channelling the funds to established financial institution in its member countries,” ICD stated.

    The ICD had previously extended a total of $120 million line of financing facility for the development of SMEs in Nigeria.

  • Jaiz Bank gets new ED

    The Board of Directors of Jaiz Bank Plc has appointed Mr Abdul Fattah Amoo as the bank’s Executive Director (ED) Operations.

    Amoo, a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), will also double as Chief Finance Officer (CFO).

    In a regulatory filing on the change in the Board of the bank at the weekend, Jaiz Bank indicated that Amoo, a Deputy General Manager in Sterling Bank Plc, will resume at Jaiz Bank in next month.

    Amoo has nearly three decades of working experience which cuts across professional accounting practice, finance and banking. He has spent the last 15 years at senior management positions in the Nigerian banking sector.

    During the course of his career, Amoo had the opportunity of setting up the financial control function, managing operations group, running e-business group and supporting running of retail banking and non-interest banking business of his bank, thus equipping him with the unique expertise required for back to front end business processing.

    “He is skilled in strategic planning and implementation among others, and we are confident that he possesses the required professional and leadership competencies for the job role,” the bank stated.