By Joseph INOKOTONG
Jaiz Bank Plc has made a projection of Profit Before Tax of N316.281 million for the second quarter (Q2) of this year as against N203.679 million realized in the first quarter (Q1).
The Bank also forecasts a total income of N2.4 billion within the period under review compared to N1.4 billion recorded in the first three months of the year.
According to the Bank, it hopes to increase its total asset to N101.4 billion by the end of June this year compared to N78.7 million made at the end of March.
Speaking yesterday at the 5th Annual General Meeting of the Bank in Abuja, the Managing Director/CEO Hassan Usman said the estimates, which are in line with the future projection of the bank are realizable.
Hassan said as the bank is being positioned for the future, the focus shall be on the retail market for both financing assets and deposits mobilization.
He said: “The consequence of this retail strategy is not going to be limited to preponderance of retail funding and assets creation but shall include lowering incidence of credit default risk, consistent support for the MSME sector, preservation of shareholders fund due to reduction in impairment, greater investment in technology and steady sustainable growth in profitability.”
The bank’s performance in 2016 shows 38% growth in financing and 30% deposit inflows. It also recorded an increase in its gross income from financing from N4.9 billion in 2015 to N5.5 billion in 2016.
This performance was described by the Managing Director as the beginning of a success story, which was achieved as a “result of a consistent and sustained focus on the needs of our customers and the employees that serve them, through the provision of excellent service, great products and continued investment in the knowledge set that underpins our kind of banking model.”
The Chairman of the bank, Umaru Abdul Mutallab also reiterated the focus of the bank which is to ultimately expand beyond the shores of Nigeria. He emphasized that the National outlook status of the bank has broaden its horizon and therefore positioned it to become more profitable.
JAIZ Projects N316M Profit in Q2
By Joseph INOKOTONG