Jaiz Bank Plc recorded a pre-tax profit of N2.75 billion in Q3 2023, representing a year-on-year increase of 99.20% from the same quarter in 2022.
According to the bank’s financial statements for the period ending September 30, 2023, the bank recorded gross earnings of N10.76 billion in Q3 2023, up by 31.59% year-on-year from the N8.17 billion recorded in Q3 2022.
The figure in Q3 2023 modified the bank’s nine-month earnings to N31.1 billion, representing a year-on-year increase of 39% from the corresponding period in 2022.
Key Highlights Q3 2023 vs Q3 2022
- Gross earnings from financing and investment transactions: N10.76 billion, +31.59% YoY
- Net income after provisions: N9.79 billion, +36.40% YoY
- Bank’s share as equity investor: N7.19 billion, +34.30% YoY
- Total income: N8.26 billion, +44.12% YoY
- Total expenses: N5.51 billion, +26.63% YoY
- Profit before tax: N2.75 billion, +99.20% YoY
- Profit for the period: N2.66 billion, +185.77% YoY
- Earnings per share: N0.063, +135.07% YoY
- Total assets: N546.04 billion, +43.76% YTD
More Insights
As a bank operating under Islamic banking principles, Jaiz Bank is a non-interest bank, hence the bank’s source of earnings is primarily from investing and financing activities.
For example, for the period ending September 30, 2023, the bank’s investment in Sukuk was at N56.84 billion, representing a year-to-date increase of 367%.