- Proposes 7 kobo dividend payment to Shareholders
BY COBHAM NSA – Shareholders of Jaiz Bank Plc have reason to celebrate, as their prized financial institution made a Profit After Tax (PAT) of N23.48 billion for the period ending December 31, 2024.
In addition, the bank’s total assets surpassed the N1 trillion mark, reaching N1.08 trillion in 2024, a development which marks remarkable increase of 86.3 percent from the N572.13 billion reported in 2023.
This positive news comes from a statement released by Nigeria’s pioneer non-interest bank, detailing its full-year audited results and accounts for the period ending December 31, 2024.
The statement reported an impressive PAT of 108.99 percent over N11.05 billion declared in the full year ended December 31, 2023, noting that there was recorded growth across all financial and non-financial metrics to maintain a well-structured and diversified balance sheet.
In the year under review, Jaiz Bank disclosed that its gross earnings reached N82.87 billion, reflecting an 86.5 percent increase from N47.24 billion recorded in the same period of 2023.
Jaiz Bank reported a notable increase in its profit and loss records. Its income from financing contracts rose from N17.13 billion in 2023 to N32.04 billion in 2024, reflecting a 17 percent increase. Additionally, income from investment activities surged to N44.36 billion in 2024, representing a significant increase from N17.16 billion reported in 2023
Meanwhile, the Bank’s total assets for the year under review exceeded the N1 trillion mark to N1.08 trillion in 2024, a significant increase of 86.3 percent from N580.13 billion declared in 2023.
The 86.3 percent growth in Jaiz Bank’s total assets was driven primarily by N349.6billion investment in Sukuk in 2024, a growth of 129.7 percent from N152.2 billion in 2023, and N493.6904.79 billion customer current deposits in 2024, representing a 12093.2 percent growth from N466.57224.46 billion in 2023.
Underlying ratios showed improved profitability and operating efficiency, with Jaiz Bank’s return on equity (ROE) closing in 2024 at 34.21 percent from 28.12 percent in 2023, as return on assets (ROA) stood at 2.26 percent in 2024 from 1.91 percent in 2023.
Jaiz Bank’s Capital Adequacy Ratio (CAR) stood at 23.87 percent in 2024 from 17.96 percent in 2023, while liquidity ratio (LR) moved from 37.24 percent to 47.35 percent in 2024.
The statement also quoted the Managing Director, Haruna Musa (Ph.D), as saying, “The bank was well-positioned to compete effectively on all fronts and meet customers’ needs through fair and ethical financing.”
He said: “Despite the challenging operating environment, the Bank continues to enhance its performance across all indices, recording significant growth in both financial and non-financial metrics.”
Haruna added, “We remain on track to become the leading ethical bank in Africa. We will continue to focus on strengthening our relationships with our customers while attracting new ones, supporting not just individuals and businesses but also our communities through digital platforms and innovative products and services.”
According to her, “We are confident in our journey to lead the future of ethical finance in Africa and will not relent in our commitment to excellence while delivering long-term value to all stakeholders”.
In a related development, Jaiz Bank’s management has proposed a dividend payout of N0.07 per share for the 2024 financial year, an increase from the N0.04 per share proposed for the 2023 financial year.
