Business
Jaiz Bank to pay shareholders 7 Kobo dividend as profit doubles in 2024
Jaiz Bank Plc, Nigeria’s pioneer Non-Interest Bank, has announced its audited financial results for the year ended December 31, 2024, reporting a profit after tax (PAT) of N23.48 billion, representing a 108.99 percent increase from N11.05 billion recorded in 2023.
In a press statement, the Bank said the impressive performance reflects significant growth across all financial and non-financial metrics, maintaining a well-structured and diversified balance sheet.
The Bank’s gross earnings surged by 86.5 percent to N82.87 billion in 2024, compared to N47.24 billion in the previous year. A breakdown of the performance shows that income from financing contracts rose by 17 percent to N32.04 billion, up from N27.36 billion in 2023. Additionally, income from investment activities jumped by 158.56 percent to N44.36 billion, compared to N17.16 billion reported in 2023.
Total assets crossed the N1 trillion mark for the first time in the bank’s history, reaching N1.08 trillion in 2024 – an 86.3 percent increase from N580.13 billion in 2023. This was largely driven by a 129.7 percent growth in Sukuk investments, which rose to N349.6 billion from N152.2 billion, and a significant increase in customer current deposits to N493.69 billion, up from N224.46 billion – a growth of 120.1 percent.
Key financial ratios also showed notable improvements. The Bank’s Return on Equity (ROE) climbed to 34.21 percent from 28.12 percent, while Return on Assets (ROA) rose to 2.26 percent from 1.91 percent. Capital Adequacy Ratio (CAR) improved to 23.87 percent, up from 17.96 percent, and liquidity ratio (LR) increased from 37.24 percent to 47.35 percent in 2024.
Commenting on the performance, Managing Director and Chief Executive Officer of Jaiz Bank, Dr. Haruna Musa, said the Bank was well-positioned to compete effectively on all fronts and meet customers’ needs through fair and ethical financing.
“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,” he said.
“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,” Musa added.
He expressed confidence in the Bank’s trajectory, stating: “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.”
As a reward for shareholders, the Board of Jaiz Bank has proposed a dividend payout of 7 kobo per share for the 2024 financial year, an increase from the 4 kobo per share paid in 2023.
