Jaiz Bank Plc, the Nigerian first fully integrated Non-Interest bank recently released its first quarter ended March 2020 unaudited result to the public. The result the lender shows a 29 percent rise in Profit After Tax (PAT) to N554 million.
Analysis of the result revealed that the growth in first-quarter profit of the bank was induced by a 44 percent rise in Income from Finance Contract and a 37 percent rise in Fee and Commission Income.
Here are the highlights of Jaiz Bank Q1 2020 results
- Net Income from Finance Contract up by 44% YoY to N3.74 billion from N2.59 billion
- Loan Loss Charges was up by 117% YoY to N0.26 billion from N0.12 billion
- Net Fees and Commission Income up by 37% YoY from N0.28 billion to N0.39 billion
- Other Operating Income was flat YoY at 0.05 billion
- Staff Cost was up by 43% YonY to N1.07 billion from N0.75 billion
- Operating Expenses up by 20% YoY from N0.95 billion to N1.12 billion in Q1 2020
- Profit Before Tax up by 34% YoY to N0.64 billion from N0.48 billion
- Post Tax Profit also up by 29% YonY to N0.55 billion from N0.43 billion in Q1 2019
The Balance Sheet size of Jaiz Bank Plc also had 3 months’ growth for the period ended 31 March 2020. Total Assets grew 16% to N19302 billion in March 2020 from N137.3 billion in December 2019. Customer Deposit also grew by 5% from N69.6 billion to N73.4 billion as of March 2020. Owners’ Equity however dropped by 0.3% to N15.51 billion in the first quarter ended March 2020.