Categories: Banking Sector

Jaiz Bank Plc Reports 99.20% Year-on-Year Profit Surge in Q3 2023

Jaiz Bank Plc, operating under Islamic banking principles, has announced its financial results for the third quarter that ended September 30, 2023 as pre-tax profit hits N2.75 billion.

This robust performance represents a year-on-year increase of 99.20% from the same period in 2022.

The bank’s financial statements reveal a 31.59%  increase in gross earnings to N10.76 billion in Q3 2023 from the N8.17 billion reported in Q3 2022.

These remarkable figures also contributed to the bank’s nine-month earnings, which rose by 39% year-on-year to N31.1 billion.

Key highlights from Jaiz Bank’s performance in Q3 2023 compared to the previous year indicate significant growth across various financial metrics, including gross earnings, net income after provisions, and profit before tax.

Notably, the bank’s profit for the period surged by a whopping 185.77% year-on-year.

Similarly, the bank’s substantial investment in Sukuk expanded 367% year-on-year to N56.84 billion by the end of September 2023.

 

Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Share
Published by
Samed Olukoya

Recent Posts

Brent Crude at $79.38 Amid Trump’s National Energy Emergency Declaration

Oil prices remained steady on Wednesday as investors assessed the potential impact of U.S. President…

34 minutes ago

Netflix Hits 302 Million Subscribers, Surpasses $10 Billion in Annual Operating Income

Netflix ended 2024 on a high note as its global subscribers rose to 302 million…

1 hour ago

PalmPay Explores Remittance Services as Part of Ambitious Global Growth Strategy

PalmPay, a leading Nigerian fintech company with over 30 million users and $6 billion in…

1 hour ago

Dollar to Naira Black Market Exchange Rate Today, 22nd January 2025

The dollar to naira exchange rate continues to be a focal point in Nigeria's financial…

12 hours ago

Pounds to Naira Black Market Exchange Rate Today, 22nd January 2025

The pounds to naira exchange rate continues to be a critical topic in Nigeria’s financial…

12 hours ago

MTN Nigeria Secures NCC Approval to Renew and Harmonise 800MHz Spectrum Licences

MTN Nigeria Communications PLC has received approval from the Nigerian Communications Commission (NCC) to renew…

17 hours ago