Jaiz Bank Plc has published its audited financial results for the year ended 31 December 2024, reporting a pre-tax profit of ₦24.4 billion, representing a 121.15 per cent increase compared to ₦11.05 billion recorded the previous year. The sharp rise was largely attributed to robust performance across core income lines.
Income from financing contracts rose to ₦32 billion, up from ₦27.3 billion in 2023. Investment-related income soared by 158.6 per cent to ₦44.3 billion, compared to ₦17.1 billion in the prior year.
Sukuk investments contributed the largest share of investment income, generating ₦22.3 billion, followed by Interbank Mudarabah returns of ₦15.9 billion. Trading assets accounted for the remaining ₦6 billion.
Consequently, gross earnings from financing and investment activities rose to ₦76.4 billion, an increase from ₦44.5 billion the previous year. After accounting for impairment charges, net income after provisions stood at ₦76.5 billion.
The bank also recorded net fee and commission income of ₦5.4 billion, nearly doubling the ₦2.3 billion reported in 2023. This growth was driven by higher earnings from core banking services, electronic transactions, and LC trade finance.
Total income, including other operating revenue and unrealised foreign exchange gains, amounted to ₦61.7 billion, reflecting a 94.09 per cent year-on-year increase.
Despite incurring total expenses of ₦37.3 billion, Jaiz Bank sustained solid bottom-line performance.
On the balance sheet side, the bank’s total assets surged by 86.3 per cent to ₦1.08 trillion, while retained earnings climbed to ₦15.6 billion, up from ₦5.4 billion the previous year.
As of trading on 2 July 2025, Jaiz Bank Plc’s share price stood at ₦3.18, reflecting a year-to-date gain of 6 per cent.
SOURCE: nigeriannewsdirect.com