- Jaiz Bank’s 161% Profit Growth Excites Shareholders
Shareholders of Jaiz Bank Plc have said that the 161 per cent growth in the bank’s profit from N343.02m in 2016 to N894.01m in 2017 is an indication that the strategies put in place by the management of the bank have started yielding results.
They said this at the sixth Annual General Meeting of the bank in Abuja.
The shareholders said the growth in major financial indicators of the bank despite the economic challenges was as a result of a well-crafted plan by the management to transform the bank into a leading non-interest bank in Nigeria.
This is even as the Chairman of the bank, Alhaji Umaru Abdul Mutallab, said the bank grew gross earnings by 40 per cent from N6.18bn in 2016 to N8.10bn in 2017.
According to him, gross profit grew by 34 per cent to N6.70bn in 2017 as against N5bn in 2016.
He said, “The success of our business derives from our values, our unique business model, our financial strength and, above all, the extraordinary depth of talent we have across the bank.
“Although the board of directors desired to pay dividend to shareholders, we are constrained by the continuous need for capital to expand the business and meet policy requirements.
“Notwithstanding, we are working extensively on meeting the requirements in order to enable us to make dividend payment possible in the nearest future.”
The Managing Director, Jaiz Bank, Hassan Usman, said the bank’s balance sheet size grew by 32 per cent from N66bn in 2016 to N87bn in 2017.
According to him, the bank needs to demonstrate that it has the capacity to grow safely and sustainably in 2018.
Usman said, “We are using a number of measures to spark progress in that regard, some of which include the automation of our retail financing business; focus on unreserved markets and the financially excluded, institutional alliances, nimble workforce and effective performance tracking, among others.
“Gradually, we kept surpassing our challenges and are waxing stronger. Looking at what we have achieved over the short existence as a bank, I have a strong faith that Islamic banking is going to command a lot of respect and be a force to reckon with in this country in the nearest future.”