Jaiz Bank Forecasts 5.5 Billion Profit for Q3 2024
Jaiz Bank Plc has projected a profit of N5.517 billion for the third quarter of 2024, according to its regulatory filing with the Nigerian Exchange (NGX). The Islamic bank’s earnings forecast reflects robust financial performance, driven primarily by income from financing and investment activities.
Jaiz Bank anticipates gross earnings of N21.227 billion for the period between July and September 2024. A significant portion of this revenue, estimated at N19.645 billion, is expected to come from contract financing and investment activities, underscoring the bank’s strategic focus on these areas.
After setting aside N5.040 billion for payments to fund providers, Jaiz Bank expects net revenue of N14.605 billion from business operations during the quarter. The bank has made provisions for potential loan impairments, allocating N1.886 billion as credit impairment charges against earnings. Additionally, an estimated N1.582 billion is expected to augment its earnings performance, leading to a projected operating income of N14.300 billion.
The bank forecasts total operating expenses of N8.170 billion for Q3 2024. After accounting for these expenses, Jaiz Bank projects a pretax profit of N6.130 billion. Following a tax provision of over N613 million, the net profit is expected to settle at N5.517 billion for the third quarter.
Jaiz Bank Plc expects its cash balance to reach approximately N189 billion by the end of the third quarter of 2024. This forecast highlights the bank’s solid financial footing and its strategic efforts to maintain liquidity while achieving profitability.
The detailed forecast underscores Jaiz Bank’s strong earnings potential and disciplined financial management. With significant contributions from financing and investment income, the bank is well-positioned for a profitable third quarter in 2024, continuing its trajectory of growth and financial stability.
