JAIZ Bank Plc has posted a profit after tax of N834 million for the year ended December 31 2018. The N834 million when compared to the N537 million profits figure for 2017 represents an increase of 55 percent.

The bank, in a statement, also declared that total assets rose by 24 percent to N108 billion in the period under review as against N87 billion in 2017. It said the 2018 audited report of the bank which had been submitted to the Nigerian Stock Exchange, NSE, also showed significant increase in the bank’s customer deposits from N68 billion in 2017 to N85 billion.

This, it noted, is an increase of about 25 percent. On the report, Hassan Usman, managing director of the bank, attributed the development to improvement in its cost reduction mechanism. He said additional investments in electronic banking channels amongst others was responsible for the growth in profitability.

“2018 is the year we demonstrated we have the capacity to grow safely and sustainably. We used a number of measures to spark progress in this regard, some of which include our commitment to the development of Micro, Small and Medium Enterprises, focus on unserved markets and the financially excluded, institutional alliances, nimble workforce as well as effective performance tracking among others,” he said.

– Apr. 12, 2019 @ 18:05 GMT |