Jaiz Bank post-tax profit balloons by 244% in Q1 2019

FELIX OLOYEDE

Nigerian Islamic bank, Jaiz Bank grew its profit after tax astronomically in the first three months of 2019 when compared to what it made in the same period last year.

The post-tax profit was up by a whopping 244 per cent to N428.68 million in Q1 2019, instead N124.58 it made in the corresponding period in 2018.

Jaiz Bank almost doubled its total revenue as it increased 42 per cent to N2.32 billion in the first three months of this year against N1.63 billion recorded in the same period in the preceding year.

The bank’s earnings was enhanced by income from investment activities, which leaped by 210 per cent to    N936.92 million and operating income which jumped by 614 per cent to N46.24 million during this period, instead N6.48 million recorded in Q1 2018.

Total expense only increased by 24 per cent to N1.84 billion in Q1 2019 on the back of operating cost which rose 30 per cent to N927.88 million during this period.

Jaiz Bank, however, had to make a whopping 300 per cent higher impairment provision of N120 million for non-performing loans in the first three months of 2019, compared to N30 million it provided for the same purpose in Q1 2018.