JAIZ BREAKS EVEN IN 3 YEARS, DECLARES N157M PROFIT IN 2014
From Left: Alhaji (Dr.) Umaru Kwairanga (Sarkin Fulanin Gome), Director; Mohammad Nurul Islam, Managing Director and Alhaji (Dr.) Umaru Abdul Mutallab, Chairman, Board of Director, Jaiz Bank Plc at the Bank’s 3rd Annual General Meeting yesterday in Abuja.
Managing Director of the bank, Mohammad Nurul Islam, described the feat as unprecedented in the non-interest banking industry going by the numerous challenges in the environment.
Speaking yesterday at the Annual General Meeting for 2014 in Abuja, Mr Islam said the bank declared a profit of N157 million as at the end of the 2014 business year.
He said the bank progressed financially and technologically in 2014 after it grew the earning assets despite the absence of Shariah-compliant liquidity management instrument in the money market.
“The growth in these assets eventually brought our bank to break-even point since September 2014 and we even closed the year with a modest Profit Before Tax (PBT) of N157.7 million,” the report said.
As at the close of 2014 business year, the bank said it had 15 branches more than the 10 branches it had in 2013 while the customer strength grew to 1076 from the previous 375 with a value of N22.2 billion.
In this year, Jaiz bank said it is positive that after smooth transition to the next government, and expected improvement in crude oil price, market conditions - consumer and corporate confidence will stabilise.
In his address, chairman of the Board of Directors, Alhaji Umaru AbdulMutallab, affirmed the bank’s positive focus saying “We are cautiously positive about the outlook for the 2015 financial year despite the seeming challenges.”
He was optimistic that the Central Bank of Nigeria (CBN) regulation will gear towards creating a level playing ground by providing adequate complaint instruments to support the operations of the specialised sub-sector of the banking industry.
Speaking yesterday at the Annual General Meeting for 2014 in Abuja, Mr Islam said the bank declared a profit of N157 million as at the end of the 2014 business year.
He said the bank progressed financially and technologically in 2014 after it grew the earning assets despite the absence of Shariah-compliant liquidity management instrument in the money market.
“The growth in these assets eventually brought our bank to break-even point since September 2014 and we even closed the year with a modest Profit Before Tax (PBT) of N157.7 million,” the report said.
As at the close of 2014 business year, the bank said it had 15 branches more than the 10 branches it had in 2013 while the customer strength grew to 1076 from the previous 375 with a value of N22.2 billion.
In this year, Jaiz bank said it is positive that after smooth transition to the next government, and expected improvement in crude oil price, market conditions - consumer and corporate confidence will stabilise.
In his address, chairman of the Board of Directors, Alhaji Umaru AbdulMutallab, affirmed the bank’s positive focus saying “We are cautiously positive about the outlook for the 2015 financial year despite the seeming challenges.”
He was optimistic that the Central Bank of Nigeria (CBN) regulation will gear towards creating a level playing ground by providing adequate complaint instruments to support the operations of the specialised sub-sector of the banking industry.
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