Jaiz Bank grows earnings to N2.59bn in its first quarter, 2019.

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Jaiz Bank Plc on Sunday said it had grown its gross earnings by N720m to N2.59bn in the first quarter of 2019 .

The bank said this in a statement issued in Abuja.

It said the N2.59bn gross earnings recorded in the first quarter of the year represented an increase of 38.7 per cent when compared to the 2018 first quarter figure of N1.87bn.

The bank said gross profit grew by 51.9 per cent from N1.39bn in the first quarter of 2018 to N2.11bn, while profit before tax rose from N146.57m to N476.46m.

The first quarter performance, according to the bank, further consolidated the growth trajectory as contained in its strategic plan.

The non-interest bank said it expanded its financing and investment activities by 37 per cent to N69.36bn in 2018 as against N50.79bn in 2017.

Jaiz Bank, as a non-interest bank, makes profit basically from profit-sharing on investments and gains on trading activities.

The Managing Director, Jaiz Bank Plc, Mr Hassan Usman, in the statement, said the result further demonstrated that the bank had the capacity to grow sustainably in line with its strategic vision of becoming the leading non-interest bank in sub-Saharan Africa by 2022.

He gave the assurance that while maintaining steady focus on elements that contributed to improved performance in 2018, the bank would work harder to optimise its potential in order to deliver better returns in 2019



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