…Targets N15.9bn in 5 years
Uche Usim, Abuja
The premier non-interest bank in Nigeria, Jaiz Bank Plc, has declared significant growths in key performance indicators in 2017.
It also targets to grow its income and profitability consecutively over the next five years, with pre-tax profit for the period expected to gross N15.86 billion.
Its Managing Director/CEO, Hassan Usman, said at the Annual General Meeting of the bank held recently in Abuja that its Profit Before Tax increased by 161 per cent from N343.02 million in 2016 to N894.01 million in 2017.
Key extracts of the audited report and accounts of 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.
According to the report, the 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.
The report also revealed that its balance sheet grew by 32 per cent from N66 billion in December 2016 to N87 billion in December 2017. There is also increase in income-generating assets by more than 36 per cent from N35 billion in December 2016 to N48 billion in December 2017. Customer Deposits grew by about 35 per cent from N50 billion as at December 2016 to N68 billion in December 2017.