Jaiz Bank generates N291.5bn profit, records 25% dividend growth
The Jaiz Bank Nigeria Plc has disclosed that despite challenging operating environment, its revenue increased substantially to N291.5 billion, representing a growth of 37%.
This was disclosed at the Bank’s 11th Annual General Meeting which took place on Wednesday in Kano.
According to a statement sent to DAILY NIGERIAN, the Bank’s income also rose sharply by 33%, the highest in many years.
DAILY NIGERIAN reports that in the past 3 years, the pioneer non-interest bank in Nigeria had declared annual dividend which in 2022 grew by 25% to 5 kobo per share compared to a year ago.
Profit after tax inched up by 68% while the balance sheet size jumped by 36% compared to previous year. Customers’ deposits (an important source of fund) expanded during the year under review to N291.5 billion representing a growth of 37%.
The share price of the Bank has crossed 1 Naira for the first time since its inception and has nearly doubled at the time of reporting.
This is reflective of the changing investment landscape and investors’ appetite for responsible investing (the cynosure of Islamic Bank).
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During the AGM, the shareholders approved the appointment of a new Chairman of the Board of Directors, Mohammed Mustapha Bintube, a veteran Islamic banker and the pioneer MD of the Bank.
Other appointees were Hadi Mutallab, a non-Executive Board member and Alhassan Abdulkarim, Executive Director, Business Development North.
Two Independent Non-Executive Directors were re-elected for another 3-year term, namely, Aisha Umar and Dr. Abdullateef Bello.
At the AGM, the shareholders passed an ordinary resolution on private placement of 10,048,237,955 ordinary shares and rights issue of 5,410,589,668.
The directors were authorized to do all things necessary to give effect to the resolution.
The shareholders expressed their thanks and gratitude to Umar Mutallab (former Chairman, Board of Directors) and Falalu Bello (former Non-Executive Director) — both were founding fathers of the Bank— for their contribution to the growth and success of the Bank.
During the year under review, the Bank moved its headquarters from Kano House in Central Business District to Jaiz Bank House in Area 3, Garki.
The Bank also adopted a new 5-year strategy (2022-2027) with four strategic pillars — diversification, digitalization, inclusive growth and sustainability.
The strategy is designed to reposition the Bank and help it sustain its competitive and comparative edge.
