Jaiz Bank Increases Profit By 108.99%, Proposes 7kobo Dividend/Share

Jaiz Bank Plc, Nigeria’s pioneer non-interest bank has reported a profit after tax (PAT) of N23.48 billion in its audited result and accounts for the full year ended December 31, 2024. It has also proposed a dividend payout of N0.07 per share for the 2024 financial year  as against N0.04 per share proposed in  the 2023 financial year.

This represents an increase of 108.99 per cent over N11.05 billion declared in the full year ended December 31, 2023.

The bank also announced the appointments of Ahmed Mohammed Indimi as a non-executive director, and Nike Kolawole as an independent non-executive director on its Board.

The bank said on Sunday that it recorded growth across all financial and non-financial metrics, maintaining a well-structured and diversified balance sheet. In the year under review, Jaiz Bank revealed that its gross earnings stood at N82.87 billion, a growth of 86.5 per cent from N47.24.4 billion recorded in the corresponding period of 2023.

On the profit or loss records, Jaiz Bank said that its income from financing contracts moved from N17.1327.36 billion in 2023, up by 17 per cent to N32.04 billion in 2024, while its Income from investment activities grew significantly to N44.36 billion in 2024, about 159158.56 per cent increase from N17.16 billion reported in 2023.

In the same vein, the bank’s total assets for the year under review exceeds the N1 trillion mark to N1.08 trillion in 2024, a significant increase of 86.3 per cent from N580.13 billion declared in 2023.

The 86.3 percent growth in Jaiz Bank’s total assets was driven  primarily by N349.6 billion investment in Sukuk in 2024, a growth of 129.7 per cent from N152.2 billion in 2023 and N493.6904.79 billion customer current deposits in 2024, representing a 12093.2 per cent growth from N466.57224.46 billion in 2023.

Underlying ratios showed improved profitability and operating efficiency, with Jaiz Bank’s return on equity (ROE) closing in 2024 at 34.21per cent from 28.12 percent in 2023 as return on 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.

Commenting on the financial results, the managing director, Dr. Haruna Musa, said “the bank was well-positioned to compete effectively on all fronts and meet customers’ needs through fair and ethical financing.”

He said: “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.”

Haruna 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,” he stated.

Meanwhile, in a statement, yesterday in Abuja, the Bank said the appointments were made to enhance its leadership with professionals; experienced individuals with track record of ethical and strategic engagement.

Ahmed Indimi, a respected entrepreneur and business executive in Nigeria’s energy sector, currently serves as the director and head of Crude Marketing at Oriental Energy Resources, where he leads commercial operations; oversees crude sales strategy; negotiates pricing frameworks; and fosters client relationships. His leadership in the sector reflects a strong blend of technical understanding, commercial insight, and stakeholder engagement.He holds a Bachelor’s degree in Information Technology (Internet Security) and an MBA from the American InterContinental University, Atlanta, after completing his foundational studies at Global International College, Lagos.

Ahmed brings on the Board of Jaiz Bank a unique perspective shaped by hands-on experience in one of Nigeria’s most strategic sectors. His appointment supports the Bank’s ambition to deepen industry expertise on the Board and broaden its vision of ethical banking in alignment with national development objectives.

In the same vein, Jaiz Bank said that Kolawole’s appointment, duly approved by the Central Bank of Nigeria (CBN) reflects the Bank’s continued commitment to strengthening its governance, enhancing expertise in ethical finance, and accelerating its growth trajectory.

Her experience includes successful tenures at leading international institutions such as Merrill Lynch, Citibank, Goldman Sachs, and Credit Suisse, where she served as vice president, overseeing asset management, credit risk, and Eurobond issuances across global markets.

In 2007, she joined the Nigerian National Petroleum Corporation (NNPC), where she rose through key finance roles to become group general manager, LNG Investment Management Services.

Over her tenure, she led critical project financing efforts and helped reposition Nigeria in the global LNG market, including landmark transactions such as the award-winning 2012 RDP Funding deal.

Kolawole holds a Bachelor’s degree in Economics from Suffolk University, Boston, and an MBA from Durham University Business School, UK.

She is also a registered member of the UK’s Securities and Futures Authority (now FCA).

Her appointment brings to Jaiz Bank a rare combination of investment banking acumen, deep sectoral knowledge in project and infrastructure finance, and a proven track record of capital mobilisation and stakeholder engagement at the highest levels of industry.

Speaking on the appointments, the chairman of the Board, Mohammed Mustapha Bintube, stated that, “We are delighted to welcome Ahmed Indimi to the Board of Jaiz Bank. His commercial acumen, sectoral knowledge, and long-term view on investment and governance will be a great asset as we continue our mission to lead in non-interest banking and value-based financial services in Nigeria.”

The chairman further said: “We are honoured to welcome Nike Kolawole to the Board of Jaiz Bank. Her exceptional expertise, integrity, and strategic insight will be invaluable as we continue to drive our mission of providing ethical, inclusive, and value-based banking in Nigeria and beyond.

”The appointments of the duo of Indimi and Kolawole is in line with regulatory guidelines and reflects the Bank’s vision to continually attract top-tier talent committed to advancing financial innovation and corporate excellence.