Jaiz Bank Shareholders Approve N3.2bn Dividend Payout
By Patience Ikpeme
Shareholders of Jaiz Bank have approved a dividend payout of N3.2 billion, which translates to seven kobo per share. The approval came during the bank’s 2024 Annual General Meeting held in Abuja.
The Managing Director of the bank, Dr. Haruna Musa, said the performance of the bank reflects its resilience and the confidence of its stakeholders.
Giving a summary of the bank’s financial results, Dr. Musa said gross earnings grew by 75% to N82.87 billion in 2024, up from N47.24 billion in 2023. He also announced that the bank’s total assets expanded by 86% to N1.08 trillion, surpassing the one-trillion-naira threshold for the first time. The bank’s profit before tax surged by 121% to N24.44 billion, a significant increase from N11.05 billion in the previous year.
Dr. Musa pointed to several key metrics to illustrate the bank’s strong performance. He said the Cost-to-Income Ratio improved to 60.42% from 65.26%, which he said “demonstrat[es] enhanced efficiency in our operations.” Customer deposits grew by 94% to N904 billion, a figure he said reflects increasing public confidence in the bank.
The bank’s Capital Adequacy Ratio also strengthened to 23.87% from 17.96%, while its Statutory Liquidity Ratio improved to 47.35% from 37.24%. He added that net risk assets and investments rose by 88% to N671 billion. Dr. Musa said these achievements show the bank’s commitment to “delivering sustainable value, promoting ethical banking, and supporting Nigeria’s economic development.”
Looking ahead, Dr. Musa revealed the bank’s strategic plans for expansion. “Currently, we have about 55 branches across the country. Our plan is, in the next one year, we intend to enhance our branch network, and other outlet over the 100 mark,” he stated. He added that the bank’s five-year plan is to have a presence in “each and every state of this federation and all the major business areas of Nigeria.”
He concluded by saying the bank remains committed to deepening financial inclusion and leveraging technology to better serve its customers. Dr. Musa said Jaiz Bank will continue to set the benchmark for non-interest banking in Africa.
