Connect with us

Markets

Jaiz Bank Grows Profit by 312.3% in First Half

Published

on

Jaiz Bank
  • Jaiz Bank Grows Profit by 312.3% in First Half

Jaiz Bank Plc recorded a well-rounded performance in the first half with significant growths in income and profitability.

Key extracts of the interim report and accounts of Jaiz Bank for the six-month period ended June 30, 2017 showed that gross income grew by 45.7 per cent while profit rose by 312 per cent.

Gross income rose to N3.08 billion in first half 2017 as against N2.11 billion recorded in comparable period of first half 2016. Profit jumped from N114.04 million in first half 2016 to N470.19 million in first half 2017. Jaiz Bank, as a pioneer, is still under a tax waiver for pioneer.

The bank’s gross income from Islamic financing had grown by 26.7 per cent to N3.25 billion in first half 2017 as against N2.563 billion in first half 2016. The bank’s share as a Mudarib or equity investor also grew by 33.7 per cent from N1.99 billion to N2.66 billion. The report showed that the bank grew its total assets to N80.662 billion in the half year of 2017 compared to N65.230 billion in the corresponding period of 2016. The bank’s shareholders’ fund also increased from N11.302 billion in the first half of 2016 to N15.248 billion in the first half of 2017.

Managing Director, Jaiz Bank Plc, Hassan Usman attributed the impressive performance in the first half to the support from the board, management and staff of the bank and the commitment to the business model which is hinged on a better life for all stakeholders.

“The results attained so far are already proofs that we are doing better than 2016. This year will define how we move forward; we are in the process of creating a five-year plan that will further define our identity in the Nigerian banking space. We have ambitious ideas about what we would like to be, and the board and the shareholders are committed to ensuring we become a formidable player in the market,” Usman said.

He said the bank would in the second half focus on opening more branches in different parts of the country and fostering its strategy of providing retail banking to a large segment of the society who are desirous of its products and services.

“We are focused on building on our culture of ethics and taking the necessary decisions to align our perspective with client expectations,” Usman said.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Crude Oil

NNPC and Newcross Set to Boost Awoba Unit Field Production to 12,000 bpd

Published

on

NNPC - Investors King

NNPC and Newcross Exploration and Production Ltd are working together to increase production at the Awoba Unit Field to 12,000 barrels per day (bpd) within the next 30 days.

This initiative, aimed at optimizing hydrocarbon asset production, follows the recent restart of operations at the Awoba field, which commenced this month after a hiatus.

The field, located in the mangrove swamp south of Port Harcourt, Rivers State, ceased production in 2021 due to logistical challenges and crude oil theft.

The joint venture between NNPC and Newcross is poised to bolster national revenue and meet OPEC production quotas, contributing significantly to Nigeria’s energy sector.

Mele Kyari, NNPC’s Group Chief Executive Officer, attributes this achievement to a conducive operating environment fostered by the administration of President Bola Ahmed Tinubu.

The endeavor underscores a collective effort involving stakeholders from various sectors, including staff, operators, host communities, and security agencies, aimed at revitalizing Nigeria’s oil and gas sector.

Continue Reading

Gold

Gold Prices Slide Below $2,300 as Investors Digest Fed’s Rate Outlook

Published

on

gold bars - Investors King

Amidst a backdrop of global economic shifts and geopolitical recalibration, gold prices dipped below the $2,300 price level.

The decline comes as investors carefully analyse signals from the Federal Reserve regarding its future interest rate policies.

After reaching record highs earlier this month, gold suffered its most daily decline in nearly two years, shedding 2.7% on Monday.

The recent retreat reflects a multifaceted landscape where concerns over escalating tensions in the Middle East have eased, coupled with indications that the Federal Reserve may maintain higher interest rates for a prolonged period.

Richard Grace, a senior currency analyst and international economist at ITC Markets, noted that tactical short-selling likely contributed to the decline, especially given the rapid surge in gold prices witnessed recently.

Despite this setback, bullion remains up approximately 15% since mid-February, supported by ongoing geopolitical uncertainties, central bank purchases, and robust demand from Chinese consumers.

The shift in focus among investors now turns toward forthcoming US economic data, including key inflation metrics favored by the Federal Reserve.

These data points are anticipated to provide further insights into the central bank’s monetary policy trajectory.

Over recent weeks, policymakers have adopted a more hawkish tone in response to consistently strong inflation reports, leading market participants to adjust their expectations regarding the timing of future interest rate adjustments.

As markets recalibrate their expectations for monetary policy, the prospect of a higher-for-longer interest rate environment poses challenges for gold, which traditionally does not offer interest-bearing returns.

Spot gold prices dropped by 1.2% to $2,298.67 an ounce, with the Bloomberg Dollar Spot Index remaining relatively stable. Silver, palladium, and platinum also experienced declines following gold’s retreat.

The ongoing interplay between economic indicators, geopolitical developments, and central bank policies continues to shape the trajectory of precious metal markets.

While gold faces near-term headwinds, its status as a safe-haven asset and store of value ensures that it remains a focal point for investors navigating uncertain global dynamics.

Continue Reading

Crude Oil

Oil Prices Hold Firm Despite Middle East Tensions

Published

on

markets energies crude oil

Despite ongoing tensions in the Middle East, oil prices remained resilient, holding steady above key levels on Tuesday.

Brent crude oil traded above $87 a barrel after a slight dip of 0.3% on the previous trading day, while West Texas Intermediate (WTI) hovered around $82 a barrel.

The stability in oil prices comes amidst a backdrop of positive sentiment across global markets, with signs of strength in various sectors countering concerns about geopolitical tensions in the Middle East.

One of the factors supporting oil prices is the weakening of the US dollar, which makes commodities priced in the currency more attractive to international investors.

Concurrently, equities experienced gains, contributing to the overall positive market sentiment.

However, geopolitical risks persist as Israel intensifies efforts to eliminate what it claims is the last stronghold of Hamas in Gaza and secure the release of remaining hostages.

These actions are expected to keep tensions elevated in the region, adding uncertainty to oil markets.

Despite the geopolitical tensions, options markets have shown a more optimistic outlook in recent days regarding the potential for a spike in oil prices. This suggests that market participants are cautiously optimistic about the resolution of conflicts in the region.

Despite the lingering risks, oil prices have remained below the $90 per barrel price level, a level that many analysts consider significant, particularly as the summer months approach, typically known as the peak demand season for oil.

While prices have experienced some volatility, they have yet to reach the $90 threshold, prompting expectations of further increases later in the year.

Jeff Currie, chief strategy officer of energy pathways at Carlyle Group, expressed confidence in the potential for oil prices to surpass $100 per barrel, citing tight market conditions indicated by timespreads.

However, he also noted the importance of monitoring OPEC’s response to rising prices, as the organization may adjust production levels to stabilize the market.

Overall, while geopolitical tensions in the Middle East continue to pose risks to oil markets, the resilience of oil prices amidst these challenges underscores the complex interplay of global factors influencing commodity markets.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending