Jaiz Bank PLC grows Profit by 68%
…Dividend by 25%
By Patience Ikpeme
Despite a challenging operating environment in 2022, Jaiz Bank PLC has recorded growth in key financial indicators.
At its 11th Annual General Meeting (AGM) held in Kano yesterday, the bank reported a 29 percent increase in revenue on an annual basis, as well as a significant 33 percent rise in income, which is the highest in many years.
Profit after tax grew by 68 percent, while the balance sheet size increased by 36 percent compared to the previous year.
Additionally, customer deposits, an important source of funds, grew by 37 percent during the year, reaching N291.5 billion.
Over the past three years, Jaiz Bank has consistently declared annual dividends. However, for the year 2022, the bank’s dividend has appreciated by 25 percent to 5 kobo per share, compared to the previous year.
Furthermore, the bank’s share price has exceeded 1 Naira for the first time since its creation and has nearly doubled at the time of the AGM.
These sectoral growths have been attributed to the “changing investment landscape and investors’ appetite for responsible investments—the cynosure of Islamic banking”.
During the AGM, the shareholders ratified the appointment of Mohammed Mustapha Bintube as the new Chairman of the Board of Directors. Bintube is a veteran Islamic banker and the pioneer Managing Director of the bank.
Other appointees include Hadi Mutallab, a non-Executive Board member, and Alhassan Abdulkarim, Executive Director of Business Development North.
Aisha Umar and Dr. Abdullateef Bello, who are Independent Non-Executive Directors, were re-elected for another three-year term.
At the AGM, the shareholders also passed an ordinary resolution regarding the private placement of 10,048,237,955 ordinary shares and a rights issue of 5,410,589,668 shares.
The directors were authorized to “take all necessary actions to implement the resolution”.
The shareholders expressed their appreciation to Alhaji Umar Mutallab, the former Chairman of the Board of Directors, and Alhaji Falalu Bello, the former Non-Executive Director, for their contributions to the bank’s growth and success.
During the year under review, the bank relocated its headquarters from Kano House in the Central Business District Abuja to Jaiz House in Area 3 Garki Abuja.
The bank has also adopted a new 5-year strategy (2022-2027) with four strategic pillars: diversification, digitalization, inclusive growth, and sustainability.
