Jaiz bank targets N5.56bn net profit in five years

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…plans to increase its gross income

.. proposes dividend policy of N50 per cent

 L – R , shows Alhaji (Dr) Umaru Kwairanga, Director Jaiz Bank Plc;  Oscar N. Onyema,Chief Executive, The Nigerian Stock Exchange (NSE); Alhaji (Dr) Umaru Abdul Mutallab, CON, Chairman, Jaiz Bank Plc ; Hassan Usman, Managing Director/CEO, Jaiz Bank Plc and Alhaji (Dr) Musbahu Basir, Director, Jaiz Bank Plc at the Facts Behind the Listing at the NSE today


The new listed bank on the Nigerian Stock Exchange (NSE), Jaiz Bank Plc has disclosed that its targeting N5.56 billion profit for financial year ended December 2021.

 

The company listed 29,464,249,300 ordinary shares of 50kobo at N1.25 by introduction on NSE main board today.

 

The financial institution disclosed that its aimed at achieving N14.4 billion share as a Mudarib/equity investors by 2021 while reporting a loss of N3.5 billion return on equity of investment account holders by 2021.

 

Jaiz Bank Plc, a non interest Islamic financial institution said it has plans to increase its gross income for Islamic financing transaction from its currently N7.3 billion to N17.9 billion come the year 2021, even as it disclosed plans to sustained growth recorded so far.

The bank equally said it was set to grow its financing investment from N6 billion in 2017 to N11 billion in 2021 while its income from Sukuk it planed to raise to N2.5 billion from currently N1.3 billion.

Speaking today at the listing of the bank’s shares at the Nigeria Stock Exchange (NSE) in Lagos, the Managing Director, Hassan Usman stated that the feat was achievable.
He noted that the bank would be leveraging on resources already available to transact commercial business, make use of modern Information Technology (ICT), ensure training of its staff as well as uphold strong corporate governance to drive growth and ensure enhanced performance.

 L – R, shows Alhaji (Dr) Musbahu Basir, Director, Jaiz Bank Plc; Oscar N. Onyema, Chief Executive, The Nigerian Stock Exchange (NSE); Alhaji (Dr) Umaru Abdul Mutallab, CON, Chairman, Jaiz Bank Plc and Alhaji (Dr) Umaru Kwairanga, Director Jaiz Bank Plc at the Facts Behind the Listing at the NSE today.


Usman equally disclosed that bank was proposing not less than N50 per cent dividend starting from end of 2017 financial year to reward the bank’s over 30 thousand shareholders who has been with bank in the last 13 to 14 years that is since its initial public offer.

Earlier in his remarks, the Chairman of the bank, Dr Umaru Abdul Mutallab explained that Jaiz Bank is a national bank meant to serve all Nigerians irrespective of ones religion inclination. He noted that the shareholders of the bank cut across all corners of the country even as he urged the public to feel free to buy the bank’s shares.

On employment, he said the bank was not restricting employment to only Muslims assuring that the bank was ready to employ as its staff anyone found competent at work.

In his welcome address, the Managing Director, NSE, Onyema Oscar commended the bank for making a bold step by coming to list its shares. He added that the gesture would open more doors of further growth of the bank.


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