Jaiz Bank, Nigeria’s pioneer non-interest bank, logged a 28.4 per cent surge in net profit for last year, compared to 2024, on the back of a notable increase in revenue, its audited accounts issued on Friday showed.
Revenue for the financial institution, whose services span personal banking, corporate banking, agricultural finance, MSMES financing, trade finance, and special support facility, accelerated to N102.8 billion in the period from N82.9 billion.
Mohammed Indimi, philanthropist and founder of oil driller Oriental Energy Resources, holds the biggest stake (29.4 per cent) in the bank. Dangote Industries Limited and Jeddah-based Islamic Development Bank hold 6.9 per cent and 5.6 per cent interests in the institution respectively.
Income from financing contracts expanded by 31.3 per cent to N42.1 billion, while income from investment activities advanced to N56.7 billion from N44.4 billion, thanks to an increase in Sukuk and trading assets.
Impairment charges rose to N1.3 billion, marking a 734.2 per cent surge in the amount the bank put aside for the same purpose a year ago.
