Jaiz Bank has recorded N6.9 billion profit after tax in 2022 financial year, representing 68.5 percent increase compared to N4.1 billion earned in the preceding year 2021
The Bank audited earnings report released on Friday, showed that the pre-tax profit increased by 59.5 percent to N6.6 billion.
recorded a 68.5 per cent improvement in net profit for 2022, the bank’s audited earnings report showed on Friday.
The Nigerian pioneer Sharia compliant bank, posted N33.4 billion gross earnings in the year under review as it paid N6.9 billion as a return to equity investment account holders compared to the N4.9 billion paid the previous year.
While income from financing contracts contributed N21.6 billion of that sum, income from investment activities accounted for N9.9 billion. Fees & commission and other operating income contributed the rest.
Other income for the year fell 39 per cent to N340.1 million after a sharp drop in the bank’s wakala income – income derived from deposits received from corporate and high-net individuals and invested in a specific venture agreed with them.
The bank cut unrealised foreign exchange loss to N143 million from N214.7 million a year earlier.
Operating expenses shot 37.9 per cent to N6.6 billion, the major pressure point being a dramatic surge in directors’ expenses.
The company spent N1.1 billion on costs including directors’ training, directors’ fees, sitting allowance and the accrued severance package of its immediate past CEO, more than three times what it spent on similar purposes in 2021.