After listing on the Nigerian Stock Exchange last year, Jaiz Bank, the only non-interest bank on the NSE is reporting its full year financials for the first time.
Jaiz Bank plc in its financial report recorded NGN5.4 billion gross income for fourth quarter 2016 in contrast to NGN4.8 billion recorded in the year before.
Its total expenses for the year was NGN4.5 billion compared to NGN3.5 billion recorded in the year before.
Jaiz said it realised NGN5.2 billion as income from financing investment in 2016 against NGN4.0 billion recorded in 2016. Its also recorded NGN188.9 million as income from sukuk against NGN883.0 million recorded in 2016.
The bank recorded NGN343.0 million operating profit for the year compared to NGN794.1 million recorded in the year 2015. Jaiz bank recorded NGN311.2 million as profit for the year in review against NGN910.2 million recorded in the financial year 2015, which represents 65% fall on a year on year comparison.
The bank’s impairment charges against non-performing financing and investment did not show huge spike as opposed to other traditional banks. The item slightly rose to NGN125 million compared to NGN122 million in 2015.
Jaiz Bank plc total assets for the year was NGN 67.6 billion against NGN52.6 billion recorded in fiscal year 2015. its total liabilities was NGN27.0 billion versus NGN17.9 billion recorded in 2015.
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Jaiz Bank PLC was created out of the of the former Jaiz International Plc which was set up in 2003/2004 as a special purpose vehicle (SPV) to establish Nigeria’s first full-Fledged NonInterest Bank. It is a quoted public company owned by over 20,000 shareholders spread over the six geographical zones of Nigeria. Jaiz Bank Plc. obtained a Regional operating license to operate as a Non-Interest Bank from the Central Bank of Nigeria on the 11th of November 2011 and began full operations as the first Non-Interest Bank in Nigeria on the 6th of January, 2012 with 3 branches located in Abuja FCT, Kaduna and Kano.
The Regional license allows the Bank to operate geographically in a third of the country. Also, based on recommendations from Islamic Development Bank (IDB), which is also a shareholder of the bank, Jaiz Bank PLC has partnered with Islamic Bank of Bangladesh (IBBL) for Technical and Management Assistance. Currently, Jaiz Bank is the only full-fledged Non-Interest (Islamic) Bank in Nigeria. It started with only 3 branches in 2012 and had since then expanded its branch network to with additional 24 which are fully operational as at the end of 2016. It has also been granted National Operating license which enable it to operate in all parts of the Federation. The bank’s ultimate objective is to expand beyond the shores of Nigeria in line with its vision.