Jaiz Bank Plc has released its audited financial statement for the full year ended 31st December 2024, reporting a profit before tax (PBT) of N24.4 billion.

This represents a 121.15% year-on-year increase compared to the N11.05 billion reported in the previous year, driven by strong top-line performance.

The company reported income from financing contracts at N32 billion, up from N27.3 billion recorded the year before.

In addition, income from investment activities surged to N44.3 billion, representing a 158.6% increase from the N17.1 billion posted in 2023.

Income from Sukuk accounted for the majority at N22.3 billion, followed by Interbank Mudarabah at N15.9 billion.

Investments in trading assets contributed to the remaining N6 billion.

As a result, the bank’s gross earnings from financing and investment activities rose to N76.4 billion, up from N44.5 billion in the prior year.

After accounting for impairment, net income after provisions stood at N76.5 billion.

In addition, the bank generated net fee and commission income of N5.4 billion, nearly double the N2.3 billion reported in 2023, derived from banking services, electronic banking, and LC trade finance.

The bank’s total income stood at N61.7 billion after including other operating income and unrealized exchange gains, representing a 94.09% year-on-year increase.