Finance

Jaiz Bank lists additional 5.07bn shares on NGX

Jaiz Bank half year profit rises by 27.6%

The Nigerian Exchange (NGX) Limited has listed additional 5.077 billion ordinary shares of Jaiz Bank Plc on its trading platform.

In a statement on the NGX, it stated that “the shares were listed on October 4, 2021, and they arose from Jaiz Bank’s private placement of 5.077 billion ordinary shares of 50 kobo each to Alhaji (Dr.) Muhammadu Indimi at N0.65 per share.

‘With this listing of additional 5.077 billion shares, the total issued and fully paid-up shares of Jaiz Bank Plc has increased from 29.464 billion to 34.541 billion ordinary shares of 50 kobo each.”

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Shareholders of Jaiz Bank had at their extraordinary general meeting in October 2020 approved the private placement as part of plans to deepen the bank’s growing balance sheet.

Financial analysts said the injection of additional capital of N3.3 billion in new equity funds showed the confidence of the investing public in the bank and the commitment of the board and management to the long-term growth of the bank.

Latest operational results showed that Jaiz Bank recorded impressive growth in profitability in the first half as increasing corporate efficiency nudged the margins, placing the bank on a good stead to surpass its full-year projections.

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Interim report and accounts of Jaiz Bank for the half-year ended June 30, 2021 showed that profit after tax rose by 70.6 per cent from N1.17 billion in June 2020 to N1.99 billion in June 2021. Total Income had grown by 42.1 per cent from N6.23 billion in first half 2020 to N8.86 billion in first half 2021.

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The managing director, Jaiz Bank, Hassan Usman said the bank’s consistent growth in earnings was a reassurance to all stakeholders and the investing public, while it reinforces the status of the bank as the pioneer and leading non-interest bank in Nigeria.

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