Jaiz Bank Plc, Nigeria's first non-interest bank, reported an unaudited profit after tax (PAT) of N3.9 billion for the six months which ended June 30, 2023.
In a statement given to the press yesterday, the bank announced that their PAT had increased by 51% as compared to N2.4 billion in a similar period ending June 2022. This meant a net profit margin of 27.3%, which was in the top quartile of industry margins.
The half-year statistics reveal that gross income increased by 41.9% to 20.3 billion, up from 14.3 billion in the same period ended June 2022.
The bank's balance sheet is well-structured and healthy, ending at 452.8 billion in H12023, up 19.2% from 379.8 billion in H12022.
Deposit Liabilities grew by 28.8%, rising from 299.4 billion in December 2022 to 375.3 billion in June 2023.
When compared to the previous period ending June 2023, earnings per share increased by 54.9%, from 7.34 kobo to 11.3 kobo.
The results demonstrate an improvement in major revenue lines as well as a robust performance in other financial indicators, reinforcing the bank's position as Nigeria's premier non-interest bank.
At its last Annual General Meeting (AGM) in Kano, the bank recorded an amazing 68% PTA, with balance sheet size increasing by 36%.
Read more: https://www.investingport.com/jaiz-bank-plc-half-year-profit-increases-by-51/