Jaiz Bank Plc said its gross income grew to N5.478 billion in the financial year ended December 31, 2016.
According to the result on the Nigerian Stock Exchange, the gross income appreciated by 12 per cent from N4.89 billion in the corresponding financial year ended 2015.
However, profit after tax went down from N910 million in 2015 to N311 million in 3016.
Speaking the chairman of the bank, Dr. Umaru Abdul Mutallab said, “The outgoing year has been both a very challenging but yet exciting one for us in our corporate existence.
“It was challenging not only because of the recessed node of the economy throughout the year, but also it was part of our formative period where we had to make the difficult decision of either keeping our revenues or reinvesting them in infrastructure and expansion of our business.”
He pointed out that had consideration not been given to growing the branch channels of the bank and other allied infrastructures, profitability could have been much higher than prior year looking at the total Income of N4.91 billion that was generated compared to N4.3 billion in 2015.
He added that shareholders of the bank will benefit from the bank investment, saying “The bank has a longer-term and more sustainable view of the benefits to future bottom-line.”
He stated that the year 2016 was full of exciting developments from the upgrade of our regional operating license to a national one, the execution of a very successful capital raising exercise, appointment of a new substantive CEO and the decision to list the bank on the Main Board of the Nigerian Stock Exchange (NSE).
Mutallab however said that from the records, the shares were introduced to the NSE at N1.25 per share with a market capitalisation of N36.83 billion, making Jaiz Bank the seventh most valuable bank equity out of 15 listed Banks on the exchange.
According to him, the management team is well equipped to achieve bank’s priority of rapidly adapting growth, supported by a strong culture of customer service.
“This will position us strongly to deliver improved growth and value to shareholders over time.”