Jaiz Bank Estimates 313% Profit in 5 Years 

Enterprise Television- Jaiz Bank Estimates 313% Profit in 5 Years

The Managing Director, Jaiz Bank Plc. Mr. Hassan Usman, Wednesday at the Nigerian Stock Exchange (NSE) in Lagos presented the company’s facts behind the figures, their achievements in the first of the year 2018 and what to hope for in years to come.

Usman said that the bank targets a profit after tax of N927 million for the financial year ending December 31, 2018. He said that the bank’s profit after tax is expected to be N1.42 billion in 2019, N2.11 billion in 2020 and N2.82 billion in 2021 respectively.

Jaiz Bank Plc., which operate under Islamic banking principals and is a non-interest bank, yesterday said the company’s profit after tax will grow by 313.16 per cent, from a target of N927 million in 2018 to N3.83 billion by 2022.

Usman however, said that further review of the company’s financial forecast showed that gross income would be in the region of N10.07 billion in 2018, N12.59 billion in 2019, N15.73 billion in 2020, N19.27 billion in 2021 and N23.51 billion in 2022.

The company’s major objective was to grow the bank to be a leading non-interest bank in sub-Saharan Africa as revealed by Usman, he said that the bank’s sound management and staffs as well as shareholders would enable it to be the leading non-interest bank in Africa with its continuous hard work.

According to him, the bank is working with its customers to facilitate their business or needs for mutual benefit. Usman said that the bank would continue to support and grow the Small and Medium Enterprises (SMEs); he also noted that the bank financed the SMEs with $20 million.

He said, “We want to develop SMEs, grow with them to support them not only for profit-making but to ensure the country achieves real growth.”

According to him, the company would weight on technology to reach out to the semi-banked and unbanked population.

He stated that the bank was committed to the continuous upscaling of its governance mechanism to meet the highest operating standards and it will continue to invest in its workers to achieve desired growth and development.

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