- Jaiz Bank
The Board of Directors of Jaiz Bank Plc at its 4th Annual General Meeting yesterday appointed Hassan Usman a substantive Managing Director to run the affairs of the Bank subject to the approval of Central Bank of Nigeria (CBN).
The decision was reached after a rigorous selection exercise where seasoned Islamic Bankers within and outside the country were screened and interviewed.
Mr. Usman is taking over from Mahe Abubakar who has been acting since December 2015. Hassan is not new to this position as he had previously acted as Managing Director in 2013.
Until the latest appointment, Usman was an Executive Director in charge of Operations and IT. Hassan is a trained Accountant. He graduated with a first class Degree in Accounting in 1985 from Ahmadu Bello University, Zaria, Nigeria and later became a fellow of the Institute of Chartered Accountants in Nigeria (ICAN) He obtained his Post Graduate Diploma in Management in 1995 from Maastricht School of Management.
Meanwhile, Jaiz Bank Plc has declared a N794.2 million profit before tax for the year ended December 2015 as against N126.8 million realized in 2014.
This is even as the bank has raised its share capital to N25 billion from N15 billion.
Its Chairman, Alhaji Umaru Abdul Mutallab speaking at the meeting in Abuja said that the Bank grew its finance income by 47% to N4 billion as against the preceding year of N2.72 billion.
Mutallab said the Bank’s total assets as at the year under review closed at N52.6 billion compared to N44.4 billion the preceding year, with Gross Financing achieving 3% growth to stand at N23.8 billion, led by growth in the corporate, retail and business banking segments.
He said the Customer Deposit base closed at N38.7 billion in 2015, with Current Account and Customers’ Investment Account Deposits showing strong growth of 43% and 39% to N15.5 billion and N23.2 billion respectively.
According to him, the results has demonstrated continued growth and operational efficiency for the Bank.
He said: “In the next five years, I see this bank in every nook and crannies of this country and other sub-Saharan Africa countries.”
The Bank recently obtained a National Operating License from the Central Bank of Nigeria (CBN).
This will enable it to spread across all the 36 states of the Federation.
