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Posted Sep 09, 2020 via The Nation – Jaiz Bank Plc management forecast that the flagship interest-free bank will post gross income of 5.41 billion naira in the fourth quarter with average pre-tax profit per average turnover expected at 13.03 percent.
In a regulatory filing to the Stock Exchange of Nigeria (NSE), Jaiz Bank, Nigeria’s first interest-free bank and the only publicly traded alternative financial institution, predicted that profit before tax will be N705.37 million while the profit after tax is expected to end the three month period at N634.83 million.
The forecast, signed by Jaiz Bank CFO Abdulfattah Amoo, indicated that the net results were based on financing income of 4.94 billion naira and financing expenses of 1.39 billion naira, leaving the income net of funds to 3.55 billion naira.
During the three-month period between October and December 2020, the bank expects other income of around N467.45 million, which is expected to bring net operating income to N 3.85 billion. nairas. With operating expenses of 3.14 billion naira and projected taxes at 70.54 million naira, before and after tax profits are expected to end the period at 705.37 million naira and 634.83 million naira. nairas.
Jaiz Bank seeks to realize a holistic vision of being the leading interest-free financial institution in Sub-Saharan Africa (SSA) with expected total income of around 81.17 billion naira and after-tax profit of 11.09 billion naira for the five-year period between 2018 and 2022. The bank exceeded its forecast for fiscal 2019 and the latest forecast for the fourth quarter of 2020 indicated that it could exceed targets for the year 2020.
Gross income is forecast to reach N15.73 billion, N19.27 billion and N23.51 billion in 2020, 2021 and 2022. Profit before tax is expected to reach N3.01 billion, 4 , 03 billion naira and 5.47 billion naira in 2020, 2021 and 2022. After taxes, the net profit is expected to reach 2.11 billion naira in 2020 and increase consecutively to 2.82 billion naira and 3.83 billion naira naira in 2021 and 2022.
As part of this plan, the bank’s balance sheet is expected to increase consecutively over the years. Total assets are projected to be 182.6 billion naira, 220.02 billion naira and 262.80 billion naira in 2020, 2021 and 2022 respectively. Deposits are expected to increase consecutively to reach 142.81 billion Naira, 177.09 billion Naira and 216.05 billion Naira in 2020, 2021 and 2022. The shareholders’ fund is also expected to increase to 35.23 billion Naira. by 2022.
Jaiz Bank Plc Managing Director Mr. Hassan Usman said the bank’s overall vision is to become the leading zero-interest financial institution in sub-Saharan Africa.
He said the bank was positioned to maintain its growth path, stressing that it has the resources to meet its growth targets.
Usman said the bank’s growth strategy of focusing on the real sector, while careful, will ensure sustainable growth and better returns over the years.
According to him, Jaiz Bank wants to develop small and medium-sized enterprises (SMEs), grow with them and support them not only for profit, but also to ensure real growth of the country.
“We will continue to internally develop new customers, new markets and new products for our physical and virtual channels. We remain committed to continually improving our governance mechanism to meet the highest operating standards. Profitability is at the heart of our value creation model. We will strive to be a low cost operator, â€Usman said.
He noted that while the bank would continue to expand its operations across the country by opening more branches, it would greatly leverage technology to reach the nooks and crannies of the country and bring the semi-banked and unbanked population into the world. formal economy.
Jaiz Bank was formed out of the former Jaiz International Plc which was established in 2003 as a Special Purpose Vehicle (SPV) to establish Nigeria’s first fully-fledged interest-free bank. The bank is owned by some 27,000 shareholders, including the Islamic Development Bank (IDB). It was granted a regional operating license to operate as an interest-free bank from the Central Bank of Nigeria (CBN) on November 11, 2011 and began its full-fledged activities as the first interest-free bank in Nigeria on January 6. 2012. In 2016, it obtained the national banking license from CBN and began to rapidly expand its network across the country.
Jaiz Bank reached a new milestone on February 9, 2017 as the first interest-free financial institution to be listed on the NSE with the admission of all of the bank’s issued share capital to the Main Board of the Stock Exchange.
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