Jaiz Bank Nigeria Plc has projected a rise in its Profit After Tax to N747.37 million for the first quarter of 2021 (Q1 2021), indicating an increase of 10.2%, from the figure recorded in Q3 2020.
This is according to the latest earnings forecast of the firm, sent to the Nigerian Stock Exchange market and seen by Nairametrics.
Key highlights of the earnings forecast for Q1 2021
- Interest expenses is projected at N1.04 billion.
- Operating expenses is projected at N3.5 billion.
- Credit impairment charges is projected at N750 million.
- Interest income is projected at N5.79 billion.
- Other income is projected at N358.9 million.
- Net revenue from funds is projected at N4.76 billion.
- Cash from operating activities is projected at N1.85 billion.
- Cash/Bank balance at the end of the period is projected N56.63 billion
The optimistic outlook projected by the bank might be attributable to an expected economic recovery in Q1 2021 as predicted by some analysts. However, this forecast is subject to rising uncertainties and heightened fears over a second wave of the COVID-19 pandemic.