BY COBHAM NSA – Jaiz Bank Plc has continued on the impressive profit growth trajectory with a total dividend of N883.9 million, representing three (3) kobo per share, approved for shareholders in the 2020 financial year.
Rising from its 9th Annual General Meeting (AGM) held in Abuja on Wednesday, June 23, 2021, the Bank’s financial records showed an increase in the Profit After Tax (PAT) from N2.44 billion in the preceding year to N2.90 billion for the year ended December 31, 2020.
This cheering news reflects continuous growth in profitability recorded by the Bank over the last three years as Chairman of the Bank, Alhaji (Dr.) Umaru Abdul Mutallab told shareholders at the Annual General Meeting (AGM) that conscious and deliberate measures were taken to ensure the dividend payment is made to meet shareholders’ aspirations for the period under review.
Mutallab said despite the harsh and challenging economic environment, aggravated by the COVID-19 pandemic, Jaiz Bank’s gross earnings rose by 33 percent from N14.70 billion in 2019 to N19.60 billion in 2020.
According to its audited financial results for the 2020 financial year, the Bank recorded a Profit Before Tax (PBT) of N3.10 billion. This amount represents a 45 percent raise over the N2.11 billion recorded in the preceding year.
In addition, the Bank’s total assets during the year under review grew by about 40 percent to N233.66 billion compared with N167.33 billion recorded in the previous year.
Similarly, the records indicated that Earnings Per Share (EPS) rose from 8.29 kobo in 2019 to 9.85 kobo in 2020, while Return on Equity for the period under review stood at 17 percent, securing a place for Jaiz among the top-four quoted banks with the highest return to shareholders in the country.
Also speaking at the AGM, Managing Director and Chief Executive Officer, Hassan Usman said the Bank has demonstrated financial resilience by remaining profitable during a tumultuous year.
He further assured stakeholders of the Board’s commitment to continue on the path of sustaining the positive trend.
“This Sterling performance is reassuring and gives us the confidence to pursue our vision to be the clear leader in ethical banking in sub-Saharan Africa”, Usman said.
