Jaiz Bank Plc on Tuesday said that it had within the last two years increased its investment portfolios by N7.5bn.

The Chairman, Board of Directors of the bank, Alhaji Umaru Mutallab, stated this during the opening of the bank’s branch in Sokoto.

A statement by the bank quoted the chairman to have said that the investments represent an increase of 380 per cent from the N1.9bn in January 2012 to the current N9.4bn.

Mutallab said, “We have grown our Investments by more than 380 per cent from N1.9bn to N9.4bn.

“Our customer deposits took a massive leap of more than 460 per cent from N3.2bn to N18.6bn.

“In terms of profitability, your bank grew its total earnings by more than 750 per cent during the year.”

He said the bank was able to achieve this progress and achievements through the use of “unique and robust Information Technology platform in delivering exceptional customer services to our clientele.”

He said with just three locations when it started in 2012 in Abuja, Kano and Kaduna, the bank had expanded its operation to 13 branches.

He said, “Our plan is to be at every state capital of Nigeria before the fifth year of operation.

“I have the privilege of informing you that we have as of December, 2013, submitted our application for national banking licence to the Central Bank of Nigeria and am hopeful that this will come through before the end of the second quarter.”

The Managing Director of Jaiz, Mr. Muhammad Islam, said the bank had made tremendous progress in just two years of its operations.

“The potential for your bank is very bright and we are confident that we will achieve our notable vision of being the dominant non-interest financial service provider in sub-Saharan Africa,” he added.

Source: Punch (by Ifeanyi Onuba)