Nigeria’s first full-fledged non-interest bank, Jaiz Bank Plc has recorded a 141 percent increase in total assets, from N14 billion ($86 million) in 2012 to N34 billion ($209 million) at the end of the bank’s 2013 financial year.
Customers’ deposits experienced a similar exponential surge to N21.9 billion ($134.3 million). This represents a 567 percent increase over the previous year while financial activities worth N9.3 billion ($57 million) were made in the year under review – a 365 percent increase compared to the previous year.
Last week, the bank announced that its social responsibility unit, Jaiz Foundation gave N10 million ($61,000) relief materials to victims of Boko Haram bombing in Borno State.
“These results are assuring and indicate that this alternative banking is feasible notwithstanding the difficult operating environment,” said Alh Umaru Abdul-Mutallab, Jaiz Bank Chairman. He was speaking at the bank’s Second Annual General Meeting last week.
Jaiz currently operates in eight states in the Northern region of Nigeria. It hopes to get a National operating license before the end of the year to enable it establish its presence in all states across the country.
“We intend to increase our share capital to a stage whereby we would be eligible for a national license because we want to be a bank that is spread to every nooks and cranny of this country,” Abdul-Mutallab said.
Jaiz Bank hopes to list on the Nigerian Stock Exchange in the next few years to avail more Nigerians the opportunity to invest in the bank.