Jaiz Bank: Nigeria's largest Islamic bank announces highest profit in 5 years

Jaiz Bank, the largest Islamic bank in Nigeria, has reported its highest profit in five years, according to its 2022 financial statement submitted to the Nigerian exchange.

According to the statement, the bank's profit after tax in 2022 rose to N6.9 billion 69% from N4.1 billion recorded in the previous year.

Jaiz Bank also reported that its Pre-tax profit accelerated by 59.5 percent to N6.6 billion.

The strong financial performance of the bank during the year(2022) also help increase gross earnings by 29.4 percent to N33.42 billion in 2022 from N25.84 billion in 2021.

Breakdown of details of Jaiz Bank's financial performance

- Income from financing contracts contributed N21.6 billion to the bank's total income.

- Income from investment activities accounted for N9.9 billion.

- Fees and commissions contributed N1.64 billion.

- Operating expenses increased by 37.9% to N6.6 billion, with administrative expenses and directors' expenses being the major pressure points.

- N1.1 billion was spent on directors' expenses, including training, fees, sitting allowance, and the accrued severance package of the former CEO.

- Total assets grew by 36% to N379.8 billion, thanks to an increase in Sukuk investment, financing assets, and balances with the Central Bank of Nigeria.

- Deposits from customers also increased by 39.4% to N291.5 billion in 2022