Jaiz Bank, non-interest bank worth NGN52 billion to list on NSE

While MTN listing might not happen this year, Jaiz Bank, a non-interest bank has announced it will be listing on the NSE in this first quarter.

Jaiz Bank started operations in 2003 as a non-interest bank providing financial services in line with the Islamic tenets.

With a regional license, the bank said it had a total asset of 88.8 million USD (NGN:14.1 billion) as at 2012. The bank received a national banking license last year. This move was seen by many analysts as a premise for its new ‘going public’ ambition.

Because Jaiz Bank is still a private company until it is listed on the NSE, less details about its finances are not known by many investing publics.

However, at its fourth annual general meeting held in Abuja, Umaru Abdul Mutallab said at the bank’s  finance income for the full year 2015 grew by 47% to N4 billion as against the preceding year of N2.72 billion.

Also, its total asset for 2015 was N52.6 billion compared to N44.4 billion the preceding year, with gross financing achieving 3% growth to stand at N23.8 billion, led by growth in the corporate, retail and business banking segments.

Jaiz bank had a total deposit of NGN38.7 billion in 2015, with Current Account and Customers’ Investment Account Deposits showing strong growth of 43% and 39% to N15.5 billion and N23.2 billion respectively.

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