Jaiz Bank Plc, the premier non-interest bank in Nigeria, has posted a profit after tax of N834 million for the year ended December 31, 2018, as against N537 million in the corresponding period of 2017, showing a growth of about 55%.
The bank also disclosed a rise in total assets by 24% (N108 billion) in the period under review compared to N87 billion declared in 2017.
The 2018 audited report of the bank submitted to the Nigerian Stock Exchange (NSE), according to a statement from the bank yesterday, also showed the significant increase in its customer deposits from N68 billion in 2017 to N85 billion, showing an increase of about 25%.
Speaking on the report, the Managing Director/CEO Hassan Usman attributed the development to improvement in its cost reduction mechanism and more investments in e-banking channels amongst others.
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 amongst others.
“While noting the elements that contributed to our improved performance in 2018, we shall work harder on optimizing some of them for a better outcome in 2019. For instance, I am committed to making sure that our engagement with the financially excluded remains boldly innovative as well as transformative in current and future years.”