Nigeria’s first non-interest bank, Jaiz Bank projects to make N9.7 billion in gross earnings by March 31, 2023.
The bank disclosed this in its statement of earning forecast for the first quarter signed by its Chief Financial Officer, Ahmed Hassan and also disclosed that the opening figure of the bank for the first quarter is N100 billion.
Jaiz Bank predicted that its interest on financial income will be N9.3 billion for the period while interest expenses was estimated at N1.818 billion.
The bank also predicted that its before tax profit will be N1.403 billion and after tax profit will be N1.263 billion for the period under review.
Investors King reports that Jaiz Bank earned N925 million in profit in the third quarter (Q3) of 2022, a 20% profit increase from 2021.
While the bank is hoping that the increase in profits continues to rise, it is forecasting that its balance at the end of the first quarter of 2023 will be N112 billion.
With fortunes of Q3, 2022 which saw the bank’s earnings per share for the period increase to N2.68 and the company’s total assets reached N325 billion, the bank is confident of achieving new heights in 2023.
The Bank has put its operating cash flow before working capital charges at N2.731 billion. Net cash generated from operating activities was estimated at N1.494 billion.
Cashflow from investing activities was predicted at N13.272 billion. Jaiz Bank forecasted a net decrease in net cash and cash equivalent to N12.843 billion. Credit impairment charges for the period under review was estimated at N1 billion.
The bank was founded in 2003, as Jaiz International PLC before receiving a license from the Central Bank of Nigeria in November 2011, to operate as a regional bank. January 2012, the institution commenced business as Jaiz Bank Plc in offices and branches in Abuja, Kaduna and Kano.