Jaiz Bank records N428.684m profit

Jaiz Bank Plc posted profit after tax of N428.684 million for the three months of operation in 2019.

The amount was represents a surge of N304.1 million or 244 per cent compared with N124.584 million reported the same period of 2018.

Profit before tax increased bybN329.89 million or 225.0 per cent to N428.684 million from N146.569 million recorded in the preceding year.

The bank’s total expenses rose from N1.486 billion in the 2018 to N1.844 billion at the end of March this year.

A breakdown of the expenses showed that staff costs increased from N634.703 million to N749.359 million, Depreciation and Amortization grew from N136.170 million to N167.384 million, operating expenses moved upward to N775.846 million from N927.883 million.

The bank’s assets within the period under review rose to N120.127 million from N108.462 million , Intangible assets grew from N370.748 million in the preceding year to N453.140 million, total liabilities inched up to N60.275 million from N56.270 million in comparable period.

An analysis of the bank’s result showed that  total income went up to N2.321 billion from N1.633 billion in the same period 2018, fee and commission which stood at N267.115 million to N283.945 million. Income from financing contracts increased to N1.654 billion against N1.567 billion in the comparative period of 2018, income from investment activities advanced from N936.927 million to N301.820 million while gross income from financing transactions climbed to N2.591 billion from N1.868 billion.

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