Jaiz Bank Plc has said it is targeting to achieve N9.780 billion in gross earnings for the first quarter of 2023.
NewsBeatng reports that the non-interest bank made the projection in its Q1 2023 earning forecast obtained from the Nigerian Exchange Limited (NGX).
The lender also projected a pretax profit of N1.403 billion and a profit after tax of N1.263 billion for the stipulated period.
Jaiz Bank’s financial report for Q3 2022 reflected a profit for the period of N925 million, a 20% jump from the amount it reported in the same period last year.
Income from investment activities also went up to reach N2.5 billion, from N2.3 billion recorded last year as the company realized N504 million and N2 billion respectively from trading assets and Sukuk, a sharia-compliant bond-like instrument used in Islamic finance. This led to an increase in the gross income from financing transactions to N8 billion, from N5.9 billion.
Fees and commission income for the period grew to N365 million in Q3 2022 from N218 million in Q3 2021. This is as the bank recorded a spike in banking services and net income from its e-business for the period, However, other operating income saw a low record of N2.9 million compared to N148 million during the period.
Staff cost increased to N2.1 billion from N1.98 billion as a result of an increase in Salaries, Pension training, and seminar as well as other expenses. Similarly, operating expenses were up to reach N1.96 billion from N1 billion the previous year, and profit before tax was valued at N1.4 billion from N970 million, driven by massive growth in the advertising and marketing bonus and benefits and among others.
The report shows that income from financing contracts was up from N3.5 billion to N5.7 billion, driven by income from Murabaha transactions and Murabaha profit–corporate in the face of increasing inflation.
Earnings per share for the period increased slightly to N2.68 in Q3 2022 compared to the previous year’s at N2.62.
The company’s total assets reached N325 billion in Q3 2022 compared to N279 billion in the same period of the previous year.