Jaiz Bank Reports N5.946 Billion Profit in 2022 Financial Year

Nigeria’s leading digital bank, Jaiz Bank Plc has announced a 45.58% increase in profit after tax to N5.946 billion for the financial year ended December 31, 2022.

In the unaudited financial statement obtained by Investors King, the lender’s income from financing contracts grew to N21.589 billion in 2022, a 41.98% increase when compared to N15.205 billion recorded in 2021 financial year.

Income from investment activities inched higer from N8.972 billion filed in the corresponding period to N9.862 billion, representing a 9.92% growth. Therefore, gross income stood at N31.450 billion in the period under review.

Bank’s share as equity investor improved by 34.73% to N27.562 billion from N20.457 billion. Net spread after provision also expanded to N20.656 billion.

The bank’s total income appreciated by 31.73% to a combined N22.635 billion in the period under review. As expected, total expenses rose by 24.63% to N15.965 billion from N12.809 billion in 2021.

Profit before tax increased to N6.669 billion while the bank paid income tax of N583.595 million. The bank declared N5.946 billion profit after tax.

In September 2022, the  Managing Director/CEO, Dr. Sirajo Salisu, who commented on the bank’s performance, said the “bank remained committed to providing value-creating ethical banking services to its growing customer base.  He assured that the Bank is positioned to continue its remarkable earnings streak for the remainder of the year, by leveraging on technology and extending its touch points across the country.”