Jaiz Bank Slumps by 10.8% after Private Placement
Jaiz Bank Plc traded against the equities market trend in the just concluded, recording a price depreciation of about 10.8% while the Nigerian Exchange posted a N1.14 trillion increase in market capitalisation.
The Islamic banking stock slumped as investors moods changed after private placement. In the local bourse, Jaiz Bank share price moved negative for four days, compared to a four days rally registered in the local bourse.
Amidst recapitalisation in the banking sector, Jaiz Bank was the first lender in the non-interest banking category to meet its new capital base requirement. The profit taking activities drag stock market share downward to N2.9 on Friday, from N3.25 at the beginning of the week.
Trading data showed that the selloffs plunged its market value down by 10.7% as investors exited their positions by selling their Islamic lender’s share on the Nigerian Exchange. In a statement, Jaiz Bank Plc said it has achieved new capital based required by the Central Bank of Nigeria (CBN) with the successful completion of its N10.04 billion private placement.
The bank said its financial position remains robust, with a well-structured, diversified, and resilient balance sheet. Total assets currently stand at ₦1.06 trillion, while shareholders’ funds have reached N47.9 billion.
The non-interest lender targets N7.325 billion as profit in the first quarter of 2025. It expects gross earnings to print at N26.288 billion in the same period. Jaiz Bank expects its credit impairment charges of about N368 million, and operating expenses are forecasted to reach N11.354 billion. #Jaiz Bank Slumps by 10.8% after Private Placement Crude Oil Prices Rise over Positive Demand ExpectationsThe post Jaiz Bank Slumps by 10.8% after Private Placement appeared first on MarketForces Africa.
Published on: January 13, 2025