Jaiz Bank Plc has published its audited results for the financial year ending December 31, 2024, reporting a pre-tax profit of ₦24.4 billion—an impressive 121.15% surge from the ₦11.05 billion posted in 2023.
The sharp increase in earnings was largely driven by solid performance across its financing and investment operations.
Revenue from financing contracts reached ₦32 billion, marking a notable improvement from the ₦27.3 billion recorded the previous year. Even more significantly, investment income soared to ₦44.3 billion, a 158.6% increase compared to the ₦17.1 billion earned in 2023.
Sukuk instruments were the bank’s largest source of investment income, contributing ₦22.3 billion, followed by ₦15.9 billion from Interbank Mudarabah arrangements. Trading assets accounted for the remaining ₦6 billion. Altogether, the bank’s total income from financing and investments rose to ₦76.4 billion, up from ₦44.5 billion a year earlier.
After deducting provisions for impairment, Jaiz Bank reported net income of ₦76.5 billion. The bank also recorded a significant rise in fee and commission income, generating ₦5.4 billion in 2024, compared to ₦2.3 billion in 2023. This growth was attributed to increased activity in banking services, electronic transactions, and trade finance linked to letters of credit.
Including other operating income and foreign exchange gains, the bank’s total income stood at ₦61.7 billion, reflecting a 94.09% year-on-year increase.
Despite incurring total expenses of ₦37.3 billion, the bank managed to deliver strong profitability. On the balance sheet, total assets grew by 86.3% to ₦1.08 trillion, while retained earnings climbed from ₦5.4 billion to ₦15.6 billion.
2024 Financial Performance Highlights (vs. 2023):
Financing income: ₦32.0 billion (+17.13%)
Investment income: ₦44.3 billion (+158.56%)
Total from financing/investments: ₦76.4 billion (+71.64%)
Net income after provisions: ₦76.5 billion (+90.50%)
Net fees/commissions: ₦5.4 billion (+134.39%)
Total operating expenses: ₦37.3 billion (+79.69%)
Pre-tax profit: ₦24.4 billion (+121.15%)
Retained earnings: ₦15.6 billion (+190.12%)
As of July 2, 2025, Jaiz Bank’s share price stood at ₦3.18 on the Nigerian Exchange, reflecting a year-to-date increase of 6%.
