Jaiz Bank Grows Profit After Tax by 36% in 2018

• Jaiz Bank Grows Profit After Tax by 36% in 2018

Jaiz Bank Plc grew profit after tax by 36 percent during the financial year ended December 31, 2018.

The bank grew its profit after tax from N537 million in 2017 to N834 million in 2018, representing a 35.6 per cent increase in profit.

In the audited report released through the Nigerian Stock Exchange on Tuesday, the bank said its total assets increased by 24 per cent in 2018 to N108 billion, up from N87 billion in 2017.

The bank’s customer deposits grew from N68 billion in 2017 to N85 billion. An increase of 20 percent.

Speaking on the report, Hassan Usman, the Managing Director of Jaiz Bank Plc, attributed the strong growth to improvement in its cost reduction strategy.

According to him, additional investments in electronic banking channels amongst others was responsible for the growth in profitability.

He said, “2018 is the year we demonstrated we have the capacity to grow safely and sustainably.

“We used a number of measures to spark progress in this regard, some of which include our commitment to the development of Micro, Small and Medium Enterprises, focus on unserved markets and the financially excluded, institutional alliances, nimble workforce as well as effective performance tracking among others.”