Jaiz Bank Plc, Nigeria’s premier and largest non-interest financial institution, 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 signalled investors’ confidence in the lender’s outlook.
Year-to-date analysis at the Nigerian Exchange (NGX) showed that investors in Jaiz Bank Plc saw the total value of their portfolios rising by 106.6 percent within the first four months of this year, compared with an average gain of 55.69 percent recorded by the overall market benchmark and 50.50 percent average gain recorded in the banking sector.
Jaiz Bank’s share price, which opened this year at N4.55 per share, closed trading at N9.40 per share, representing a net capital gain of 106.6 per cent.
The All Share Index (ASI) – the value-based common index that tracks all share prices at the Exchange and serves as an average benchmark for the Nigerian equities market – closed the period with a year-to-date return of 55.69 percent.
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The NGX Banking Index, which tracks the banking sector, posted a four-month average gain of 50.50 percent.
Jaiz 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 percent. The NGX Pension Index, which tracks specially screened stocks that meet criteria for investment of pension funds, rose by 69.02 percent. The NGX 30 Index, which measures the performance of Nigeria’s 30 largest quoted companies, closed with an average gain of 55.55 percent.
In the same vein, 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 percent, 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.
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Within the same period, Sterling Financial Holdings Company Plc (Sterling HoldCo), the holding company for non-interest banking The Alternative Bank, recorded an average gain of 8.5 percent. Fidelity Bank rose by 5.3 percent. Wema Bank recorded an average gain of 67.2 percent, while FCMB Group dropped by 7.5 percent.
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 hitting 384.54 percent in nearly two and a half years.
For investors that 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 percent per month for the past 64 months.
Market analysts said the performance of Jaiz Bank underlined that the lender 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.
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Strong earnings back stock rally
Key extracts of the unaudited report of Jaiz Bank for the year ended December 31, 2025, filed with the NGX had shown significant growth in incomes and profitability.
Gross earnings rose from N82.87 billion in 2024 to N102.08 billion in 2025. Total net income or operating income increased from N61.76 billion to N74.76 billion.
Profit before tax rose from N24.44 billion to N31.39 billion. After taxes, net profit jumped to N31.04 billion in 2025 as against N23.48 billion 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 N1.287 trillion, significantly higher than N1.081 trillion recorded in 2024.
The bank’s share capital stood at N22.29 billion, higher than the new minimum capital requirement for non-interest banks, while shareholders’ funds closed at N68.34 billion, before capitalisation of the after-tax profit of N31.04 billion.
Most analysts expected the bank’s audited report and accounts, which are currently undergoing the regulatory approval process at the Central Bank of Nigeria (CBN), to closely reflect the interim report, in line with the tradition of most quoted companies.
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Analysts were optimistic that Jaiz Bank could sustain its bullish sentiment and strong fundamental performance, citing a favourable operating position and emerging macroeconomic advantages.
Kehinde Hassan, managing director, GTI Capital Limited, said Jaiz Bank’s strong run was driven by a mix of macro rotation, business‑model advantage and rising interest in ethical finance.
“With inflation, foreign exchange (forex) 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 (CIS) and the Institute of Chartered Accountants of Nigeria (ICAN), said.