After Declaring Highest Profit in 5 Years, Nigerian Bank Shares Good News About Meeting CBN's Target
- Jaiz Bank Plc said it is set to meet the Central Bank of Nigeria's new capital base required by banks in Nigeria
- According to Haruna Musa, its managing director, with just N1.3 billion, the bank will be able to meet the new target
- Musa declared that he is positive that an IPO will be used to raise the remaining funds
Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.
Jaiz Bank Plc has expressed hope regarding reaching the N20 billion recapitalisation deadline set by the Central Bank of Nigeria (CBN).
Source: UGC
The bank is only N1.3 billion short of the goal, according to its managing director, Haruna Musa. Musa announced this at the bank's Annual General Meeting (AGM) on Tuesday, July 16.
Prior to the CBN's announcement, the bank had proactively raised N10.4 billion through a private placement, increasing its total capital to N18.7 billion.
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Musa stated that he is certain that the remaining amount will be raised via an IPO, making Jaiz Bank the first to finish the recapitalisation process.
In the fiscal year 2023, the bank had equally remarkable financial performance. The year before, gross earnings increased by 42% to N47.2 billion from N33.2 billion. Compared to N6.6 billion in 2022, its Profit Before Tax (PBT) increased by 67% to N11.1 billion.
The Nation reported that by 2023, customer deposits had increased from N209 billion in 2022 to N466 billion, an increase of 123%. Total assets also increased by 108% from N279 billion in 2022 to N580 billion in 2023.
The bank's chairman, Mohammed Mustapha Bintube, expressed delight at the organisation's accomplishments and emphasised that the earnings for the first half of 2024 had already surpassed the profit for the previous year.
Jaiz Bank, Nigeria's largest Islamic bank, shines
Legit.ng previously reported that Jaiz Bank, the largest Islamic bank in Nigeria, reported its highest profit in five years, according to its 2022 financial statement submitted to the Nigerian exchange.
According to the statement, the bank's profit after tax in 2022 rose to N6.9 billion, 69% from N4.1 billion recorded in 2021.
Jaiz Bank also reported that its pre-tax profit accelerated by 59.5% to N6.6 billion.
Proofreading by James Ojo Adakole, journalist and copy editor at Legit.ng.
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Source: Legit.ng
