Jaiz Bank Plc (NSE – JAIZ) has released its unaudited Financial Statements for the period ended 30 June 2020, to the Nigerian Stock Exchange and the investing public. According to the statements released by the bank, the gross income and profit after tax for the period increased significantly.
The bank was able to whether the economic storm of Covid-19 pandemic as the gross income grew by 39.37% to N8.008 billion in the first half of 2020 from N5.746 recorded in the same in 2019.
The bank’s gross income comprises of N4.550 billion from Financing Contracts and N3.458 billion from Investment Activities.
Jaiz Bank recorded a 43.87% rise in profit after tax to N1.172 billion in H1 2020 from N814.300 million posted in the same period in 2019. Earnings per share rose to 3.98kobo from 2.76kobo.
Despite the notable growth in income and profit, Jaiz Bank reported a 2.77% decline in customer current deposits, which settled at N67.677 billion down from N69.604 billion in 2019.
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The bank recorded a negative net cash from operating activities to the tune of minus N14.696 billion for the period in review compared to N1.438 billion posted in H1 2019. It also reported minus N93.359 million net cash from investing activities, however, the net cash from financing activities remained positive at N12.557 billion for H1 2020.
The share price of the company stood at N0.55 per share at the close of trading on Tuesday. The 52 week high and low prices are N0.34 and N0.82 respectively. YTD the share price is down by 11.29% while in 1 year it is up by 30.95%.
Written by;
Ifunanya Ikueze
