Jaiz Bank Hits N1.08trn Assets Threshold

•Commits to boosting SMEs, agriculture, infrastructure financing

James Emejo in Abuja

Managing Director/Chief Executive, Jaiz Bank Plc, Dr. Haruna Musa, yesterday said the bank’s total assets increased by 86 per cent, to N1.08 trillion in the 2024 fiscal year, compared to N580 billion the previous year.

said the performance marked a major milestone as the Islamic financial institution crossed the N1 trillion benchmark.

Speaking after the bank’s 2024 virtual Annual General Meeting (AGM), Musa said the results reflected not only the “resilience of our business model but also the trust and confidence reposed in us by our shareholders, customers, and stakeholders”.

The bank’s gross earnings grew by 75 per cent to N82.87 billion, from N47.24 billion in 2023, while Profit Before Tax (PBT) surged by 121 per cent, to N24.44 billion, up from N11.05 billion in 2023.

According to the managing director, the bank’s cost-to-income ratio improved to 60.42 per cent, from 65.26 per cent, demonstrating enhanced efficiency in its operations.

In the period under review, customer deposits grew remarkably by 94 per cent, to N904 billion, reflecting increasing public confidence in the bank.

Capital Adequacy Ratio (CAR) strengthened to 23.87 per cent, from 17.96 per cent, further reinforcing the stability and soundness of our institution.

Musa said net risk assets and investments rose by 88 per cent, to N671 billion, while statutory liquidity ratio improved to 47.35 per cent, from 37.24 per cent.

He said, “These achievements underscore our unwavering commitment to delivering sustainable value, promoting ethical banking, and supporting Nigeria’s economic development.

“Looking ahead, we remain committed to deepening financial inclusion, leveraging technology to serve our customers better, and ensuring that Jaiz Bank continues to set the benchmark for non-interest banking in Africa.”

Musa said the bank will further build on the momentum to achieve greater success and will focus on scaling its growth, and deepening impact.

According to him, attention will be given to growing the retail base exponentially, enhancing brand and equity visibility, driving innovation through capital mobilisation, digital expansion and internationalisation, as well as refreshing its five-year strategic plan to adapt to evolving market conditions.

Chairman, Jaiz Bank, Mohammed Bintube, said they successfully concluded a private placement in issuance of N10.5 billion, which strengthened its capital base to N28.7 billion, well above the revised minimum requirement of N20 billion by Central Bank of Nigeria (CBN).

Bintube stated, “This achievement demonstrates strong investors’ confidence in our business model and growth prospects.

“The additional capital provides us with greater capacity to finance large-ticket transactions and expand our operations, while maintaining healthy capital adequacy ratios.”

He stated that 2024 would be remembered as a watershed in the bank’s history after a performance metrics that “not only surpassed our projections but also redefined industry expectations for ethical banking institutions”.

He said, “This milestone achievement reflects the growing acceptance of non-interest banking in Nigeria, and the trust customers place in our institution.”

Bintube added that the bank will increase its footprints in underserved markets, and develop specialised products for key sectors of the economy, particularly SMEs, agriculture and infrastructural development.

The chairman said the bank would strengthen its compliance framework and risk management systems to ensure we “not only meet, but exceed regulatory expectations”.

Bintube further assured that the bank will build on the successes recorded in the review year.

He said, “We recognise that the journey is far from complete. The coming years will present new challenges and opportunities as the financial services landscape continues to evolve.

“However, we face the future with confidence, knowing that our ethical foundation, strong performance, and dedicated team position us well to navigate whatever lies ahead.”