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Jaiz Bank reports 45.3% profit increase in H1 2020, involved in 21 litigations

Jaiz Bank currently has total assets of N186.6 billion.



Jaiz Bank Plc, First shared profit bank in Nigeria approaches 10 years, JAIZ Bank Plc set for private placement, JAIZ Bank Plc set for private placement

Jaiz Bank Plc has released its half-year 2020 unaudited financial statement, and it shows fairly positive improvements in key financial indicators. As always, the highlights are presented below.

Gross Income: For the half-year period ended June 30th, 2020, Jaiz Bank recorded gross income from financing transactions of N8 billion, indicating a 39% increase when compared to N5.7 billion reported in half-year 2019.

Total Expenses: During the period under review, Jaiz Bank’s operating expenses, staff cost and depreciation and amortisation were N4.9 billion. This is more than N3.9 billion that was reported during the comparable period last year.

READ ALSO: Nigerian Breweries’ Q1 earnings report shows profit decreased by 31.4% to N5.5 billion

Profit after tax: Profit after tax grew by 45.3% to N1.1 billion during the period under review, compared to N814.3 million in H1 2019.

Total Assets: Jaiz Bank’s total assets as of June this year is N186.6 billion. There was an 11.6% increase from N167.3 billion which was recorded last year.

Interestingly, Jaiz Bank further disclosed in its financial report that it is currently involved 21 court cases. Out of these suits, 16 were instituted by others against the bank while 4 were instituted by it against other entities. The remaining 1 is a civil appeal against Jaiz Bank.

READ ALSO: United Capital Plc records 16% rise in profit to N1.9 billion in H1 2020

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“The Bank, in its ordinary course of business, is presently involved in 21 litigation suits: Sixteen (16) cases instituted against the Bank, four (4) cases instituted by the Bank, Nil judgement in favour of the Bank awaiting execution and one (1) civil appeal against the Bank.  The Directors are of the opinion that none of the aforementioned cases is likely to have a material adverse effect on the Bank and are not aware of any other pending or threatened claims and litigations,” part of the report said.

Jaiz Bank’s stock closed today’s trading on the Nigerian Stock Exchange with a share price of N0.54.

Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs.He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor.Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan.If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

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