Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Jaiz Bank records operating loss of N1.07 billion

20 December 2013, 14:14

Abuja - Jaiz Bank recorded an operating loss of N1.07 billion, Alhaji Umaru Mutallab, the Chairman, Board of Directors of the bank, said on Thursday in Abuja.

Mutallab, who made this known at the maiden Annual General Meeting (AGM) of the bank, said the bank also realised N3.29 billion as deposits in the period under review.

He attributed the ``lackluster performance’’ of the bank to lack of sharia-compliant liquidity management instruments and hiccups experienced in joining the settlement and clearing system.

Mutallab listed other reasons as the challenges of fully implementing the core-banking software and learning curve, among others.

“The bank’s first year of operation was a very challenging one, not only being a startup, but also a pioneer in a new finance service sector.

“This, notwithstanding, Jaiz Bank was able to tap a lot of opportunities in the industry. The bank was able to garner total deposits of N3.29 billion,’’

He said that investments made by the bank in the year amounted to N1.9 billion, while shareholders’ funds rose by 53 percent from N6.45 billion to N10.1billion.

The chairman attributed the increase to the recently concluded private placement exercise conducted by the bank which was successful.

On income, he said that gross earnings during the period under review, amounted to N79.56 million.

Muttallab said that the board had taken all necessary steps to ensure that the bank obtained a national license, which would enable it to operate in all the states of the federation.

This, he said would give Nigerians a feel of ``the alternative banking model option’’.

He noted that in the mist of operational challenges, the bank had maintained its drive in developing the nascent sector.

Jaiz Bank Plc, a non-interest bank, is the first of its kind to be established in the country.

-  NAN

Tags abuja banks

Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...