Jaiz banks’ balance sheet hits N109bn in 2018

Jaiz Bank PLC  says its balance sheet size grew to N109 billion in 2918 representing a 25 per cent increase compared to the figures for 2017. 

Speaking at its Annual General Meeting on Wednesday in Abuja, the Bank’s Chief Executive, Hassan Usman, said the Banks total customers’ deposit surged by 25 per cent to N85 billion in 2018 from N68 billion in 2017. 

The Managing Director noted that the rise in depositors funds was due to their confidence in the bank. 

The pioneer non interest bank in Nigeria also recorded an increase in its Income-Generating Assets by 37 per cent from N50.64 billion in December 2017 to N69.18 billion by December 2018. 

He said: “Amidst couple of challenges that were encountered in the year, it is worthy of note that Income After Tax rose favourably by 55 per cent from N537 million in 2017 to N834 million in the focus period (2018.”

He further insisted that the Bank will continue to commit itself to the development of Micro, Small Medium Enterprises (SMEs). He added that “our engagement with the financially excluded is going to be boldly innovative as well as transformative.’

In his remarks, the bank’s Chairman, Dr Umaru Abdul Muttalab said the company’s 2018 performance is a reflection if the banks viability. 

“I’m happy that 2018 marked the fifth consecutive year of our bank’s income.

“The board had tried to recommend the payment of dividend for the reporting period but the feedback from regulators meant it was not possible until we improve upon some specific performance benchmarks such as our capital buffers and reduction in non-performing risk assets.

“This year, we are working assiduously towards ensuring that the bank meets all those regulatory requirements for dividend payment in order to meet our aspiration of dividend payouts to shareholders”, he stated.

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