Jaiz Bank Grows Profit by 109%, Proposes 7kobo Dividend

Kayode Tokede 

Finally, Jaiz Bank Plc, yesterday annoounced its audited result and accounts for full year ended December 31, 2024 with profiit after tax of N23.48 billion, about 109 per cent growth when compared to N11.24 billion declared in full year ended December 31, 2023.

The non-interest financial instituton on the Nigerian Exchange Limited (NGX) reported N24.4 billion profit before tax in 2024, representing an increase of 121.15 per cent from N11.05 billion reported in 2023.

Amid significant increase in profit, the management of Jaiz Bank proposed a dividend payout of N0.07 per share for 2024 financiial as against N0.04 per share proposed in 2023 financial year. 

In the year under review, Jaiz Bank disclosed that its gross earnings stood at N82.87 billion, a growth of 86.5 per cent from N44.4 billion declared in the corresponding peiod of 2023.

Also from the profit & loss figures, Jaiz Bank disclosed that its income from financing contracts moved from N17.13billion in 2023, up by 17 per cent to N32.04billion in 2024, while its Income from investment activities grew siginificantly to N44.36 billion in 2024, about 159per cent increase from N17.16billion reported in 2023.

Meanwhile, its total assets  crossed the N1 trillion mark to N1.08 trillion in 2024, a significant increase of 86.3per cent from N580.13 billion declared in 2023. 

The 86.3 per cent growth in Jaiz Bank’s total assets was  driven by primairly by N349.6billion investment in Sukuk in 2024, a growth of 129.7 per cent from N152.2 billion in 2023 and  N493.6 billion customer current deposits in 2024, representing a 120 per cent growth from N224.46 billion ini 2023.

Underlying ratios showed improved profitability and operating efficiency, with Jaiz Bank’s return on average equity (ROE) closing 2024 at 34.21per cent from 28.12 per cent in 2023 as return on average assets (ROA) stood at 2.26 per cent in 2024 from 1.91per cent in 2023

Jaiz Bank’s Capital Adequacy Ratio (CAR) stood at 23.87 per cent in 2024 from 17.96 per cent in 2023, while liquidity ratio (LR) moved from 37.24 per cent to 47.35 per cent in 2024. 

The Managing Director, Jaiz Bank, Haruna Musa in a statement had said the bank’s reflected the commitment of the board and management to continually add value to customers through bespoke ethical finance.

He said the bank was well-positioned to compete effectively on all fronts and meet customers’ needs through fair and ethical financing.

According to him, 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 added that, “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.

 “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.”