Jaiz Bank, the first non-interest (Islamic bank) in Nigeria is gaining traction as its total deposits for 2018 surged to N85bn representing 25 percent growth from N68bn it mobilized in 2017 financial year.
The Managing Director/CEO of the bank, Alh. Hassan Usman, who disclosed this at the company’s 7th annual general meeting held in Abuja, yesterday, said the deposit mobilsation demonstrates the acceptability of the bank.
He said the bank recorded a stellar increment of 25 percent recorded for balance sheet size in 2018 to N109bn, adding that it is encouraging to note that in the past few years, it has been growing steadily at a double-digit of 20 percent.
According to Usman, it was worthy of note that income after-tax rose favourably by 55 percent from N537 million (2017) to N834 million in the focus period (2018), and the total customer deposits surged by 25 percent from N68bn in 2017 to N85bn in 2017 to N85bn due to improved customer confidence.
Earlier in his remarks, the Chairman of the bank, Alhaji Umaru Abdul Mutallab, noted that the bank has fully migrated its accounting reporting procedure as prescribed by IFRS 9 which demands higher level of disclosures and credit impairments with attendant pressure on the economic capital of the bank.
He said the 2018 results marked the fifth consecutive year of the banks income growth and profitability, adding that the profitability showed that the business model is sustainable.