JAIZ BANK : QUARTER 1 FINANCIAL STATEMENT FOR 2024

1

INTRODUCTION

The financial statements of Jaiz Bank Plc comply with Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the applicable legal requirements of the Nigerian Securities and Exchange Commission regarding financial statements and are prepared in accordance with International Financial Reporting Standards, including financial statements adopted by the International Accounting Standards Board.

For ease of understanding, certain disclosures and certain prior year numbers have been presented to match current year numbers. Due to rounding, numbers shown in this document may not accurately reflect totals shown and percentages may not accurately reflect absolute numbers.

2

CORPORATE INFORMATION

This is the list of Directors who served in the entity during the year and up to the date of this report.

Alh Mohammed Mustapha Bintube	Chairman
Muhammad Hadi Abdul Mutallab	Non- Executive Director (NED)
Alh. Mukhtar Sani Danladi Hanga	Non- Executive Director (NED)
Alh. (Dr.) Musbahu M. Bashir	Non- Executive Director (NED)
Alh. (Dr.) Muhammadu Indimi	Non- Executive Director (NED)
Mr. Seedy Mohammad Njie	Non- Executive Director (NED)
Ibrahim Muhammadu Indimi	Non- Executive Director (NED)
Mrs. Aisha Waziri Umar	Independent NED
Dr. Abdulateef Bello	Independent NED
Haruna Musa	Managing Director
Mr. AbdulFattah Olanrewaju Amoo	Executive Director Business Development South
Alhassan Abdulkarim	Executive Director Business Development North
COMPANY SECRETARY
Mr. Shehu Mohammed
FRC/2017/NBA/00000016416
HEAD OFFICE
Jaiz Bank House,
Plot 1073 J.S Tarka Street, Garki
Area 3
FCT Abuja,
Nigeria
Tel [phone] (JAIZ) 5249
E-mail: [e-mail]
https://www.jaizbankplc.com
facebook.com/jaizbankplc
twitter.com/ jaizbankplc
instagram.com/ jaizbankplc
REGISTRAR AND TRANSFER OFFICE:
Africa Prudential Plc.
(Formerly UBA Registrars Plc.)
220B Ikorodu Road, Lagos.
https://africaprudential.com
INDEPENDENT AUDITOR
Deloitte & Touche
Civic Towers,
Plot GA1 Ozumba Mbadiwe Road,
Victoria Island, Lagos, Nigeria
https://www.deloitte.com/ng

Investor Relations

Jaiz Bank Plc has a dedicated investors portal on its corporate website which can be accessed via this link https://jaizbankplc.com/investor-relations/annual-report-and-accounts/

For further information please contact: Jaiz Bank Plc.

Investor Relations Team; [e-mail]

3

CERTIFICATION PURSUANT TO SECTION 60(2) OF INVESTMENT & SECURITIES ACT

We the undersigned hereby certifies the following with regards to our financial report for the period ended 31st March 2024 that;

1. We have reviewed the report and to the best of our knowledge, the report does not contain;
2. 1. Any untrue statement of a material fact, or
   2. Omit to state a material fact which would make the statements misleading in the light of the circumstances under which such statements were made;
3. To the best of our knowledge, the financial statements and other financial information included in the report fairly present in all material respects the financial condition and results of operations of the company as of, and the periods presented in the report.
4. We;
5. 1. Are responsible for establishing and maintaining internal controls;
   2. Have evaluated the effectiveness of the company's internal controls as of the date with 90 days prior to the reports;
   3. Have presented in the report our conclusions about the effectiveness of our internal controls based on our evaluation as that date;
6. We have disclosed to the audit committee;
7. 1. All significant deficiencies in the design or operation of internal controls which would adversely affect the company's ability to record, process, summarize and report financial data and have identified for the company's auditors any material weakness in internal controls, and
   2. Any fraud whether or not material, that involve management or other employees who have significant role in the company's internal controls;
8. We have identified in the report whether there was significant changes in the internal controls or other factors that could significantly affect internal controls subsequent to the date or our evaluation, including any corrective actions with regards to significant deficiencies and material weakness.

Alhassan Abdulkarim	Haruna Musa
Executive Director, Business Development	Managing Director/CEO
FRC/2024/PRO/DIR/003/690956	FRC/2017/CIBN/00000016515

4

5

JAIZ BANK PLC		Unaudited Financial Statements
STATEMENT OF FINANCIAL POSITION
AS At 31 March 2024
	Notes	2024	2023
Assets		N'000	N'000
Cash and balances with Central Bank of Nigeria	3	160,959,325	173,369,051
Due from banks and other financial institutions	4	70,212,232	31,048,883
Investment in sukuk	5(I)	168,838,777	152,204,830
Interbank Murabaha	5(II)	44,075,773	5,010,788
Financing Assets(net)	6	174,731,759	172,634,716
Inventory Financing(net)	7	28,266,939	27,479,555
Other assets	11	8,946,630	3,293,998
Property and Equipment (net)	8	11,692,587	11,987,164
Leasehold improvement (net)	9	58,150	59,139
Intangible assets (net)	10	759,407	599,963
Deferred tax asset	12b	2,442,970	2,442,970
Total assets		670,984,551	580,131,058
Liabilities		261,480,610	224,463,962
Customer current deposits	13a
Customers' unrestricted investment accounts	13b	256,901,785	242,107,237
Other Funding	14	39,219,648	41,432,500
Other liabilities	15	73,462,269	32,207,121
Tax payable	12a	605,315	605,315
Total liabilities		631,669,627	540,816,135
Owners' equity		17,270,586	17,270,586
Share capital	16
Share premium	17	1,348,447	1,348,447
Retained earnings	18	5,408,868	5,408,868
Risk regulatory reserve	19	5,007,534	5,007,534
Statutory reserve	20	8,712,007	8,712,007
Other reserves	21	1,567,481	1,567,481
Total equity		39,314,923	39,314,923
Total equity and liabilities		670,984,551	580,131,058

Signed on behalf of the Board of Directors on 23rd April, 2024

Alhaji Mohammed Mustapha Bintube (Chairman)

FRC/2018/PRO/00000018479

Haruna Musa (Managing Director/CEO)

FRC/2017/CIBN/00000016515

Oseni K. Bello (Ag. Chief Financial Officer)

FRC/2013/ICAN/00000002476

6

JAIZ BANK PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 MARCH, 2024

Gross Earnings	Notes
Income:
Income from financing contracts	22
Income from investment activities	23
Gross income from financing & Investment transactions
Impairment (charges)/Write back	32
Net Income after provisions
Return to equity investment accountholder	25(a)
Bank's share as equity investor/ mudarib
Fees and commission	26
Other Income
Other operating income	27
Unrealised exchange loss	28
Total Income
Expenses:
Staff costs	29
Depreciation	30a
Operating expenses	31(i)
Total expenses
Profit before tax
Income tax credit/(expense)	12a
Profit for the period

Other Comprehensive income

Item that may be reclassified to profit or loss

Other Comprehensive income

Total comprehensive income for the period

Earnings per share

Basic and diluted Earnings per share (kobo)

Unaudited Financial Statements

March	March	Dec
2024	2023	2023
N'000	N'000	N'000
16,508,278	9,878,558	47,237,207
7,468,928	6,381,722	28,717,430
8,047,725	3,052,951	15,798,000
15,516,653	9,434,673	44,515,430
910,350	(962,876)	(4,320,033)
16,427,003	8,471,797	40,195,397
(4,938,841)	(2,396,479)	(11,100,025)
11,488,162	6,075,318	29,095,372
1,065,508	438,801	2,335,047
12,553,670	6,514,119	31,430,419
-	22,000	327,737
(73,882)	(16,917)	58,992
12,479,788	6,519,202	31,817,149
2,780,348	2,143,876	9,258,140
459,402	406,839	1,871,593
3,239,902	2,379,606	9,633,821
6,479,652	4,930,321	20,763,554
6,000,136	1,588,882	11,053,595
(156,004)	(127,111)	183,592
5,844,133	1,461,771	11,237,187

5,844,133 1,461,771 11,237,187

16.92 kobo

4.61 kobo

32.53 kobo

7

JAIZBANKPLC

STATEMENTOFCHANGESINEQUITY

FORTHEPERIODENDED31MARCH,2024

			31DECEMBER2023
			Retained	RiskRegulatory	CBN(AGSMEIS)	Other
			Comprehensive
Balance at 1 January 2023	ShareCapital	SharePremium	Earnings	Reserve	Reserve	income	StatutoryReserve Total
N'000	N'000	N'000	N'000	N'000	N'000	N'000	N'000
17,270,586	1,348,447	2,284,960	2,554,328	893,309	112,313	5,340,851	29,804,795
Profit for the period	-	-	11,237,187	-	-	-	-	11,237,187
Transfer to risk regulatory reserve			(2,453,206)	2,453,206	-	-	-	-
-	-	-
Transfer to statutory reserve	(3,371,156)	-	-	-	3,371,156
Transfer to AGSMEIS	-	-	(561,859)	-	561,859	-	-	-
Dividend Paid	17,270,586	1,348,447	(1,727,059)	5,007,534	1,455,169	112,313	8,712,007	(1,727,059)
BalanceasAt31December2023	-	-		-	-	-	-
			31MARCH2024
						Other
			Retained	RiskRegulatory	CBN(AGSMEIS)	Comprehensive
	ShareCapital	SharePremium	Earnings	Reserve	Reserve	income	StatutoryReserve Total
Profit for the period	N'000	N'000	N'000	N'000	N'000	N'000	N'000	N'000
-	-	-	-	-	-	-	-
Foreign currency translation difference	-	-	-	-	-	-	-	-
BalanceasAtendofperiod	17,270,586	1,348,447	5,408,871	5,007,534	1,455,169	112,313	8,712,007	39,314,923

StatutoryReserve

Nigerian banking regulations require Banks to make an annual appropriation to a statutory reserve. As stipulated by section 15(1) of the Banks and Other Financial Institutions Act of 2020, an appropriation of 30% of profit after tax is made if the statutory reserve is less than the paid up share capital and 15% of profit after tax if the statutory reserve is greater than the paid up capital.

NonDistributableRegulatoryReserve

This is a reserve created by comparing impairment of risk assets under IFRS and provisions for risk assets using CBN Prudential Guidelines. Where the impairment amount under IFRS is lower than the provisions amount under Prudential Guidelines, the IFRS impairment figure is used in the accounts. However, the difference between the IFRS impairment and Prudential guidelines provisioning is charged to the retained earnings and transferred to a non distributable reserve.

8

JAIZBANKPLC	UnauditedFinancialStatements
STATEMENTOFCASHFLOWS
FORTHEPERIODENDED31MARCH,2024	2024	2023
	N'000	N'000
Cashflowsfromoperatingactivities
Profit for the period		6,000,136	11,237,187
	311,710	1,259,107
Adjustmentsfornon-cashitems:
Depreciation
Amortisation of intangible assets		25,585	106,842
Amortisation of leasehold		4,978	23,348
Amortisation of right of use assets		117,129	482,297
Impairment on financing assets		-613,889	4,320,033
Impairment on other Assets		83,250	-183,592
Income tax expense		-156,004
Netcashflowsbeforechangesinworkingcapital		5,772,895	17,245,221
Workingcapitalmovement:		-1,561,792	-38,235,443
Financing Assets(net)
Interbank Murabaha		-39,064,986	-5,010,788
Investment in trading assets		-708,745	7,659,639
Other assets		-5,853,011	-7,429,386
Customers' current account		37,016,648	83,490,190
Customers investment accounts		14,794,549	91,464,570
Other financing		-2,212,852	8,648,403
Other liabilities		35,255,012	6,743,535
Tax paid		156,004	-305,258
Netcashprovidedby(usedin)operatingactivities	43,593,721	126,035,242
Investingactivities		-16,633,948	-70,805,246
Investment in Sukuk
Purchase of property, plant & equipment		-188,944	-4,443,096
Proceed from disposal of property, plant & equipment		171,810	158,806
Improvement on leasehold properties		990	-36,609
Purchase of intangible assets	-	-190,007	-82,131
Netcashprovidedby/(usedin)Investingactivities		16,840,097	-75,208,275
Financingactivities		0	-1,727,063
Dividends paid to owners
Netcashprovidedby/(usedin)financingactivities		0	-1,727,063
Increase/(decrease) In cash and cash equivalents		26,753,624	87,335,347
Cash and cash equivalents at beginning of period	204,417,934	117,082,588
CashandcashequivalentsAt31March	231,171,558	204,417,934

9