Prime Business AfricaJaiz Bank has reported N21.69 billion as revenue generated in the first quarter (Q1) of 2025, surpassing the N17.41 billion turnover recorded in the same period in 2024, representing an increase of 24.56 percent.
The bank, in its financial statements for the first quarter of this year, said income from financing contracts was N9.74 billion in Q1 2025, rising by 30.44 percent when compared to the N7.46 billion reported in Q1 2024.
Join our WhatsApp ChannelAlso, income from investment activities climbed to N11.04 billion during the period under review, up from NN8.04 billion in the corresponding period last year, indicating an increase of 37.25 percent.
The company also recorded growth in the gross income from financing and investment, as it rose by 33.97 percent year-on-year, from N15.51 billion to N20.78 billion, according to the earnings report.
Similarly, fees and commission revenue jumped by 29.38 percent to N1.53 billion in the first quarter of this year, exceeding the N1.18 billion recorded in Q1 last year
Jaiz Bank’s impressive financial run was, however, bumped by a 280.45 percent year-on-year increase in the company’s fees and commission expense, which rose from N124.29 million to N472.88 million.
Nevertheless, Jaiz Bank pulled a N7.04 billion profit before tax (PBT) at the end of the first quarter of 2025, surpassing the N6 billion reported in the corresponding period last year, representing a 17.38 percent increase.
An income tax of N183.12 million reduced the bottom line in Q1 2025, as taxation increased year-on-year by 17.38 percent compared to the N156 million paid as tax charge in the first quarter of 2024.
Following the tax deduction, Jaiz Bank recorded N6.86 billion as profit after tax (PAT) during the period under review, compared to the N5.84 billion posted in Q1 2024, indicating a 17.38 percent growth.
Furthermore, Jaiz Bank’s total assets rose to N1.10 trillion at the end of March 2025, up from N1.08 trillion reported at the end of December 2024, reflecting an increase of 2.05 percent.
Also, the company’s total liabilities closed the first quarter of 2025 at N1.03 trillion, rising by 2.19 percent from the N1 trillion recorded on December 31, 2024.
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