Jaiz Bank’s Shareholders Approve N884m Dividend Payout
Shareholders of Jaiz Bank Plc have approved a total dividend of N883.9m representing 3 kobo per share for the 2020 financial year.
Speaking at the Bank’s AGM in Abuja, it’s Chairman, Umaru Abdul Mutallab, said the Bank worked assiduously towards ensuring that the dividend payment is made to the shareholders to meet their aspirations.
He added that, despite the challenging economic environment that was aggravated by COVID 19 pandemic, Gross Earnings rose by 33 per cent from N14.70 billion in 2019 to N19.60 billion in 2020.
According to the audited financial results for the 2020 financial year, Jaiz Bank Plc recorded a Profit Before Tax (PBT) of N3.10 billion, a 45 per cent increase over the N2.11 billion recorded in the previous year.
Similarly, there was an increase in the Profit After Tax from N2.44 billion in the preceding year to N2.90 billion for the year ended December 31, 2020, which reflects the continuous growth in profitability witnessed by the Bank over the last 3 years.
The Bank’s total assets during the year under review grew to N233.66 billion as against N167.33 billion realized in the previous year, representing a 40 per cent growth.
Earnings Per Share increased from 8.29 kobo in 2019 to 9.85 kobo in 2020, while Return on Equity for the year under review stood at 17 per cent , securing a place for the bank among the top-4 quoted banks with the highest return to shareholders in the country.
The Managing Director, Hassan Usman said the Bank has demonstrated financial resilience by remaining profitable during a tumultuous year and assured stakeholders of the Board’s commitment to continue to sustain the positive trend.
“This Sterling performance is reassuring and gives us confidence to pursue our vision to be the clear leader in ethical banking in sub-Saharan Africa.”
The premier non-interest (Islamic) Bank in Nigeria had declared a profit after tax of N1.79 billion in its 2019 unaudited financial results as submitted to the Nigerian Stock Exchange (NSE), signifying 114 per cent growth when compared with the N834.36 million recorded at the end of 2018.
Key extracts of the report showed that total assets rose by 53 per cent from N108.462 billion in 2018 to N166.837 billion, while gross income rose by 80 per cent from N7.5 billion in 2018 to N13.517 billion in 2019.
At the end of 2019 financial year, customers’ current deposits increased by about 50 per cent from N85.03 billion in 2018 to N127.193 billion.
Attesting to the increasing public interest in Islamic finance products, the earning per share of the bank surged up to 6.06 kobo per share as against 2.83 kobo per share in 2018, signifying an increase of 114 per cent .
During the year under review, the Bank deepened its support for the MSMEs sector with targeted intervention to meet diverse needs of small-scale bourgeoning entrepreneurs. The bank also invested more on IT infrastructures, improved its e-banking channels that made it easier for customers who prefer to bank on the move than use bricks-and-mortar banking hall services.
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