Home Business Jaiz Bank to grow profit after tax by 313.16% by 2022

Jaiz Bank to grow profit after tax by 313.16% by 2022

Mr Hassan Usman, the bank’s Managing Director, said this at the bank’s `Facts Behind the Figures’ at the Nigerian Stock Exchange (NSE) in Lagos on Wednesday.

Usman said that the bank was targeting a profit after tax of N927 million for the financial year ending Dec. 31, 2018.

He said that the bank’s profit after tax was expected to be N1.42 billion in 2019, N2.11 billion in 2020 and N2.82 billion in 2021.

Usman said that a further review of the bank’s financial forecast showed that gross income would be in the region of N10.07 billion in 2018; N12.59 billion in 2019, N15.73 billion in 2020, N19.27 billion in 2021, and N23.51 billion in 2022.

He said that the major objective was to grow the bank to be a leading non-interest bank in sub-Saharan Africa.

Usman said that the bank’s sound management and members of staff as well as shareholders would enable it to be the leading non-interest bank in Africa.

He said that the bank’s participation in the economy was geared toward the real sector.

According to him, the bank is working with its customers to facilitate their business or needs for mutual benefit.

Usman said that the bank would continue to support and grow the Small and Medium Enterprises (SMEs).

“We want to develop SMEs, grow with them to support them, not only for profit making but to ensure the country achieves real growth,’’ he said.

The managing director said that the bank was committed to developing innovative financing proposition for the Micro, Small & Medium Scale Enterprises.

Usman said that the bank would leverage on technology to reach out to the semi-banked and unbanked population.

“We shall continue to internally develop new customers, new markets and new products for both our physical and virtual channels,’’ he said.

Usman said that the bank was committed to the continuous up scaling of its governance mechanism to meet the highest operating standards.

The managing director said that the bank would continue to invest in its workers to achieve desired growth and development.

“We recognise that our people are one of our greatest assets and they are the resource we need to achieve true differentiation in the market place.

“As such, we shall continue to enhance the capacity of our people because non- interest banking is still a new phenomenon,’’ Usman said.

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