Jaiz Bank targets N15.9bn profit in five years

 

JAIZ Bank Plc has said that it will grow its income and profitability consecutively over the next five years, with pre-tax profit for the period expected to reach N15.86 billion.

Managing Director of the bank, Hassan Usman, who led top management of the bank to present its Facts Behind the Figures at the Nigerian Stock Exchange (NSE) in Lagos on Thursday gave the assurance that it will sustain year-on-year growth over the next five years.

Usman said the Bank has the vision to be the leader of non-interest banking in Sub Saharan Africa.

Head of Corporate Communications of the bank, Mallam Ahmed Idris said in a statement that the Managing Director said the bank has been positioned to sustain its growth trajectory, pointing out that the bank has the necessary resources to achieve its growth targets.

Highlights of the five-year financial forecast put the total income at about N81.17 billion while profit after tax is projected at N11.09 billion.

Gross income is expected to rise to N10.07 billion in 2018 and subsequently to N12.59 billion, N15.73 billion, N19.27 billion and N23.51 billion in 2019, 2020, 2021 and 2022 respectively.

Profit before tax is projected to rise to N1.33 billion in 2018 and grow consecutively to N2.03 billion, N3.01 billion, N43.03 billion and N5.47 billion in 2019, 2020, 2021 and 2022 respectively. After taxes, net profit will rise to N927 million in 2018 and grow further to N1.42 billion in 2019.

Profit after tax is projected to jump to N2.11 billion in 2020 and rise consecutively to N2.82 billion and N3.83 billion in 2021 and 2022 respectively.

The balance sheet of the bank is also expected to increase over the years. Total assets are projected at N123.61 billion in 2018 and subsequently to N150.5 billion, N182.6 billion, N220.02 billion and N262.80 billion in 2019, 2020, 2021 and 2022 respectively.

Deposit is projected to rise consecutively to N88.55 billion, N113.34 billion, N142.81 billion, N177.09 billion and N216.05 billion in 2018, 2019, 2020, 2021 and 2022 respectively. Shareholders’ fund is projected to rise to N28.6 billion in 2018 and grow consecutively to peak at N35.23 billion by 2022.

Shareholders’ return is also expected to grow over the years. Return on equity is expected to firm up to 4.39 percent in 2018 and improve consecutively to 4.87 percent, 6.92 percent, 8.79 percent and 11.22 percent in 2019, 2020, 2021 and 2022 respectively.

Usman said the bank’s growth strategy of focusing on the real sector, though painstaking, will ensure sustainable growth and better returns over the years.

According to him, Jaiz Bank wants to develop small and medium enterprises (SMEs), grow with them and support them not only for profit-making but to ensure the country achieves real growth.

He said the bank would soon start to disburse $20 million financial lifelines to SMEs as part of the commitments of the bank to drive the growth of the real sector of the economy.

Jaiz Bank and Islamic Corporation for the Development of Private Sector (ICD), the development arm of Islamic Development Bank (IDB), had recently signed a $20 million line of agreement to finance SMEs in Nigeria.

Picture caption:

L – R shows Tony Ibeziako, Ag. Head, Listing Business Division, The Nigerian Stock Exchange (NSE); Rukayat O. Salaudeen, Company Secretary/Legal Adviser, Jaiz Bank Plc; Tinuade Awe, Executive Director, Regulation, NSE; Hassan Usman, Managing Director/CEO, Jaiz Bank Plc; Mahe Abubakar Mahmud, Executive Division, Jaiz Bank Plc and Abdufattah O. Amoo, Executive Director/CFO, Jaiz Bank Plc during the Facts Behind the Figures presentation at the NSEon Thursday.

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