Jaiz Bank grosses N10.7bn in Q3

Jaiz Bank Plc has  recorded gross earnings of N10.76 billion in Q3 2023, up by 31.59% year-on-year from the N8.17 billion recorded in Q3 2022.

The bank also recorded a pre-tax profit of N2.75 billion in Q3 2023, representing a year-on-year increase of 99.20% from the same quarter in 2022.  

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According to the bank’s financial statements for the period ending September 30, the figure in Q3 2023 modified the bank’s nine-month earnings to N31.1 billion, representing a year-on-year increase of 39% from the corresponding period in 2022.  

As a bank operating under Islamic banking principles, Jaiz Bank is a non-interest bank, hence the bank’s source of earnings is primarily from investing and financing activities.

For example, for the period ending September 30, 2023, the bank’s investment in Sukuk was at N56.84 billion, representing a year-to-date increase of 367%.