Jaiz Bank, the foremost non-interest bank in Nigeria, has released its unaudited financial statements for the period ended March 31, 2023, in which it recorded an increase in its total profit for the reviewing period to N1.59 billion from N1.10 billion recorded in the same trading period of 2022.
According to the financial statement, the bank’s total income increased to N6.52 billion from N3.73 billion in the same period of 2022. Similarly, its total expenses increased to N4.93 billion from N3.73 billion recorded in the same trading period of 2022.
The bank’s total assets increased to N452.8 billion from N379.8 billion in the same period in 2022, representing a 19.2% growth rate.
The bank’s cash and balances with the Central Bank of Nigeria increased by 35.6% to N127.5 billion, up from N92.9 billion in Q1 2022. The due from banks and other financial institutions also decreased to N21.1 billion from N24.1 billion in the same period in 2022.
Jaiz Bank’s investment in Sukuk increased significantly by 48.9% to N112.5 billion from N75.6 billion in Q1 2022. The interbank murabaha, a financing instrument used in Islamic banking, stood at N9.3 billion compared to nil in the same period in 2022. The financing assets and inventory financing assets net also grew to N140.9 billion and N25.2 billion, respectively, from N137 billion and N36.6 billion in Q1 2022.
The bank’s customer current deposits increased by 21% to N170.2 billion from N140.8 billion in Q1 2022. However, onward financing decreased slightly to N32.8 billion from N32.8 billion in the same period in 2022. The other liabilities of the bank also decreased to N23.5 billion from N25.4 billion in Q1 2022.
Jaiz Bank’s total equity remained unchanged at N29.8 billion from the same period in 2022, with customers’ unrestricted investment accounts increasing significantly by 30.1% to N196.2 billion from N150.6 billion in Q1 2022. The bank’s total gross income from financing and investment transactions increased to N9.4 billion, up from N6.8 billion in Q1 2022, representing a growth rate of 38.8%.