Jaiz Bank Plc recorded almost double the average gains in the stock market and the banking sector in the first four months of this year in a bullish run that highlighted investors’ confidence in the bank’s outlook.
Its year-to-date analysis at the Nigerian Exchange showed that investors in Jaiz Bank Plc saw the total value of their portfolios rising 106.6 per cent within the first four months of this year, compared with an average gain of 55.69 per cent recorded by the overall market benchmark and a 50.50 per cent average gain recorded in the banking sector.
The share price, which opened this year at N4.55 per share, closed the weekend at N9.40 per share, representing a net capital gain of 106.6 per cent. The All-Share Index closed the period with a year-to-date return of 55.69 per cent. The NGX Banking Index, which tracks the banking sector, posted a four-month average gain of 50.50 per cent.
The bank’s return also outperformed all other high points of the Nigerian bullish market and comparable banking stocks.
The NGX Premium Index, an exclusive index for high-value stocks, recorded an average return of 76.64 per cent. The NGX Pension Index, which tracks specially screened stocks that meet criteria for investment of pension funds, rose by 69.02 per cent. The NGX 30 Index, which measures the performance of Nigeria’s 30 largest quoted companies, closed with an average gain of 55.55 per cent.
The NGX Lotus Islamic Index, which serves as a price gauge for companies that are compliant with Islamic finance rules, recorded an average gain of 94.07 per cent, nearly 13 percentage points below Jaiz Bank’s return, putting the bank atop as the most attractive within the broad range of compliant stocks.
A general banking sector analysis pinpointed Jaiz Bank as the best-performing stock in a sector that appeared to be taking a breather after the recapitalisation rush. Within the same period, Sterling Financial Holdings Company Plc, the holding company for a non-interest bank, The Alternative Bank, recorded an average gain of 8.5 per cent. Fidelity Bank rose 5.3 per cent. Wema Bank recorded an average gain of 67.2 per cent, while FCMB Group dropped 7.5 per cent.
The performance of Jaiz Bank so far this year underlined a track record of strong value accretion for investors in the bank, with net capital gains in nearly two and a half years of 384.54 per cent. For investors who started with Jaiz Bank in 2021, net capital gains currently stand at a whopping 1,324.24 per cent, averaging a net gain of 20.69 per cent per month for the past 64 months.
Market analysts said the performance of Jaiz Bank shows it has earned investors’ trust, noting that it was partly due to sustained investors’ interest in the bank and its overall outlook that the NGX created a new board for non-interest finance.
Jaiz Bank, which was previously listed on the general main board of the NGX, was migrated as the pioneer and is still the only company on the non-interest finance board.
Key extracts of the unaudited report and accounts of Jaiz Bank for the year ended 31 December 2025, submitted at the NGX, showed significant growth in income and profitability. Gross earnings rose from N82.87bn in 2024 to N102.08bn in 2025. Total net income or operating income increased from N61.76bn to N74.76bn. Profit before tax rose from N24.44bn to N31.39bn. After taxes, net profit jumped to N31.04bn in 2025 as against N23.48bn recorded in 2024.
Earnings per share thus improved from 66.38 kobo in 2024 to 69.62 kobo in 2025. Total assets also closed 2025 at N1.287tn, significantly higher than N1.081bn recorded in 2024. The bank’s share capital stood at N22.29bn, higher than the new minimum capital requirement for a non-interest bank, while shareholders’ funds closed at N68.34bn, before capitalisation of the after-tax profit of N31.04bn.
Most analysts expected the bank’s audited report and accounts, which are currently undergoing the regulatory approval process at the Central Bank of Nigeria, to closely reflect the interim report, in line with the tradition of most quoted companies.
They were optimistic that Jaiz Bank could sustain its bullish sentiment and strong fundamental performance, citing a favourable operating position and emerging macroeconomic advantages.
Managing Director, GTI Capital Limited, Kehinde Hassan said the bank’s strong run was driven by a mix of macro rotation, business‑model advantage and rising interest in ethical finance.
He explained, “With inflation, foreign exchange swings and tighter regulation squeezing traditional interest income, investors are shifting toward banks built on fees, partnerships and asset‑backed financing. That’s exactly Jaiz’s model. CBN’s push for diversified, non‑interest revenue also supports the shift. As forex revaluation gains fade for conventional banks, investors are rotating into models less tied to currency volatility.
“SMEs facing high borrowing costs are leaning more toward profit‑sharing and trade‑finance structures, a space non‑interest banks serve well. Jaiz remains the only listed full non-interest bank in Nigeria, giving it a scarcity premium when the above-highlighted sentiments turn positive, Hassan, a Fellow of the Chartered Institute of Stockbrokers and Institute of Chartered Accountants of Nigeria.”
