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.