Jaiz Bank Excites Shareholders With N1.38bn Dividends

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It is another fruitful outing for Shareholders of Jaiz Bank Plc as they got a total of N1.38 billion dividends, representing 4 kobo per ordinary share of 50 kobo each, for the year ended 2021,

Unanimously approved at the Bank’s 10th Annual General Meeting (AGM) in Abuja on Tuesday, it is the third year that the shareholders are receiving dividend packages since the payment commenced in 2019.

An excited Chairman of the Bank, Alhaji Umaru Abdulmutallab attributed the increase in dividend payment to the impressive growth results recorded by the Bank in the year under review.

According to Dr Abdulmutallab, the perception of Jaiz brand has continued to improve with the “Bank being awarded the most-improved Islamic Bank in the world by the United Kingdom-based GIFA for the second year in a row.”

This is as the Bank’s audited financial results for the period ended 31 December 2021 indicated a 43 percent growth in Profit Before Tax (PBT) from N3.07billion in December 2020 to N4.37 billion in December 2021.

Additionally, the Bank witnessed an increase of 31.76 percent in its gross income from N19.61 billion realized in 2020 to N25.84 billion in 2021.

On its holdings portfolio, the Bank’s total assets grew by 19.55 percent to N279.28 billion from N233.60 billion recorded in the previous even as the Shareholders’ Funds for the period rose to N24.31 billion, representing an increase of 36.20 percent from N17.85 billion.

Also, the Bank’s earnings per share for the period under review grew by 40.10 percent from 9.85 kobo in 2020 to 13.80 kobo in 2021.

Going by the Bank’s financial records, it has, in the last couple of years, consistently delivered remarkable results, which clearly reaffirms its continuous growth trajectory as one of the most profitable banks in Nigeria.

In his remarks at the AGM, Managing Director and Chief Executive officer of the Bank, Mr Hassan Usman said notwithstanding the tough operating environment, characterized by weak economic growth and the obvious negative impact of the COVID-19 pandemic, the Bank has achieved a lot in terms of financial stability.

“Its external credit rating for instance has materially improved over the past twelve months. Three rating agencies (Fitch Rating, GCR Rating, and Agusto Rating) all gave the Bank investment grade rating of BBB/BBB-”, Usman told the shareholders.

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