Jaiz Bank to grow profit to N5.56bn

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 Stanley Opara

Non-interest financial institution, Jaiz Bank Plc, says it is looking at growing profit to N5.56bn by 2021.

The bank disclosed this on Thursday at the Nigerian Stock Exchange during a presentation on the facts behind the listing shortly after it listed by introduction, 29.46 billion shares of 50 kobo each at N1.25 per share worth N36.83bn

The Managing Director, Mr. Hassan Usman, said the bank was targeting to grow profit after tax from N1.34bn in 2017 to N5.56bn in 2021.

He added that the company was targeting to grow total income from N6.63bn in 2017 to N16.19bn in 2021.

Usman said the bank had a dividend policy that struck a balance between retaining sufficient cash in the business to finance organic growth strategy and rewarding its shareholders who had come a long way in supporting the bank’s vision since its Initial Public Offering in 2003.

The Jaiz bank boss said, “Based on our projection, we anticipate to have a payout ratio of not less than 50 per cent over our current plan period.

“The bank’s corporate plan outlines the way forward with the strategies, priorities and activities. We have set out on a path of reinvention of the banking landscape in the country.

“We will focus on changing how banks should operate to better improve the lots of the community, while delivering on our commitments to investors. We are focused on building on our culture of ethics and taking the necessary business decisions to align our perspective with client expectations.”

Jaiz Bank Chairman, Dr. Umar Abdul-Mutallab, said the bank had gone through long struggle, noting that despite being an Islamic bank, the financial institution was meant for all irrespective of religion, class or culture.

He called on Nigerians to embrace the non-interest bank as they would gain a lot from it.

Responding, the Chief Executive Officer, NSE, Mr. Oscar Onyema, said the Exchange was  pleased that Jaiz Bank had taken the strategic step to join the main board of the Exchange and in so doing, the prestigious club of quoted companies in Nigeria.

“This step indicates the firm’s belief that in spite of the economic challenges facing the nation, our platform remains a veritable avenue for raising capital and enabling sustainable national growth. I commend Jaiz Bank for this bold and strategic step,” Onyema said.

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