Jaiz Bank to grow assets to N101bn by June

The Managing Director, Jaiz Bank Plc, Mr. Hassan Usman, on Wednesday said the bank was planning to grow its total assets to N101.4bn in June this year from the N78.7bn at the end of March.

He said this at the bank’s Annual General Meeting held in Abuja. According to him, the bank is also projecting to deliver a profit before tax of N316.28m for the second quarter of this year as against N203.67m realised in the first quarter. The bank is also forecasting a total income of N2.4bn within the period under review compared to N1.4bn recorded in the first three months of the year.

Usman said the estimates, which are in line with the future projection of the bank, are realizable. As the bank positions itself for the future, the Jaiz Bank boss said its focus would be on the retail market for both financing of assets and deposit mobilisation. He said, “The consequence of this retail strategy is not going to be limited to preponderance of retail funding and assets creation but shall include lowering incidence of credit default risk, consistent support for the Micro, Small and Medium Enterprises sector, preservation of shareholders fund due to reduction in impairment, greater investment in technology and steady sustainable growth in profitability.”

Providing highlights of the bank’s performance in 2016 shows, he said it recorded 38 per cent growth in financing and 30 per cent deposit inflows. It also recorded an increase in its gross income from financing from N4.9bn in 2015 to N5.5bn in 2016. He said, “This was achieved as a result of a consistent and sustained focus on the needs of our customers and the employees that serve them, through the provision of excellent service, great products and continued investment in the knowledge set that underpins our kind of banking model.”

The Chairman of the bank, Umaru AbdulMutallab, also reiterated the bank’s plan to expand beyond the shores of Nigeria.He emphasised that the national outlook status of the bank had broaden its horizon and was therefore positioned to become more profitable.