Jaiz Bank Plc (NGX: JAIZBANK) has forecasted the doubling of its profit after tax in Q1 2024 from the N1.59bn it posted in Q1 2023 to N4.29bn.
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Should the bank meet the projection, it will represent a 169.81% growth over the profit reported over the same period in 2023.
In a statement of earnings forecast for Quarter I 2024 (January 2024 – March 2024) released by the bank, it projected a Gross Earnings of N17.18bn.
It’s income from financing & investment is forecasted to be N16.29bn. In Q1 2023, it recorded a gross income of N9.43bn from financing & investment transactions.
Gross earnings for Q1 2024 is forecasted to b 17.18bn.
In Q1 2023, Jaiz Bank paid N2.39 billion as return to equity investment account holders. It has forecasted to pay investors N3.72bn in Q1 2024.
The statement shows that the bank forecasts a net revenue from funds amounting to N12.57 billion in the first quarter of 2024.
About Jaiz Bank Plc
Jaiz Bank Plc is the first fully fledged non-interest financial institution in Nigeria. The Bank was granted a banking license to carry on the business of non interest banking and commenced operation on January 6th, 2012 with three branches in two states and the Federal Capital Territory.
It was established as a private limited liability Company but was converted to a Public limited liability company in April 2016 and now trades its Stock on the Nigeria Stock Exchange.
The address of the Bank’s registered office is Jaiz House, Plot 1073, J.S Tarka Street, Area 3, Garki Abuja, Nigeria.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
