Jaiz Bank Grows Profit By 68%, Dividend By 25%

Jaiz Bank, the pioneer non-interest bank in Nigeria, has reported impressive growth across its key financial indicators despite challenging operating environment — its revenue increased substantially by 29 per cent on annual terms and income also rose sharply by 33 per cent the highest in many years.

The performance indicators were released during its 11th Annual General Meeting held in Kano yesterday, which was well attended by its stakeholders and general public.

The bank’s financial results showed that profit after tax inched up by 68 per cent while the balance sheet size jumped by 36 per cent 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 per cent.

In the past three years, the Bank has declared annual dividend which in 2022 grew by 25 per cent to 5 kobo per share compared to a year ago. The share price of the Bank has crossed N1 for the first time since inception and has nearly doubled at the time of reporting.

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This is reflective of changing investment landscape and investors’ appetite for responsible investing — the cynosure of Islamic Bank.

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 three years 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 Alhaji Umar Mutallab (former Chairman, Board of Directors) and Alhaji 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 House in Area 3 Garki. The Bank also adopted a new 5-year strategy (2022-2027) with four strategic pillars — diversification, digitalisation, inclusive growth and sustainability. The strategy is designed to reposition the Bank and help it sustain its competitive and comparative edge.