Jaiz Bank Shareholders Get Dividend Next Year
BARBARA BAKO, Abuja
After ending many financial years without paying dividends, Jaiz Bank Plc said its shareholders will receive their first ever dividend next year. The dividend when paid, would be first in eight years after commencement of operations of the first full fledged non-interest bank in Nigeria. The Chairman, Jaiz Bank Plc, Dr Umaru Mutallab, while speaking at the seventh Annual General Meeting of the bank, said while the board had tried to recommend the payment of dividend for the 2018 financial period, the regulators felt otherwise. Mutallab told the shareholders that the regulators of the bank was of the view that there was need for Jaiz Bank to improve on some specific performance benchmarks. He gave some of the performance benchmarks to include improvement in capital buffers and reduction in non-perfoming loans.
The chairman said the bank would work assiduously in the 2019 financial period to meet those regulatory requirements for dividend payment. He said, “The board had tried to recommend the payment of dividend for the reporting period but the feedback from regulators meant it was not possible until we improve upon some specific performance benchmarks such as our capital buffers and reduction in non-perfoming risk assets. “This year,we are working assiduously towards ensuring that the bank meets all those regulatory requirements for dividend payment in order to meet our aspirations of dividend payout to shareholders.
“We very much appreciate the understanding of the shareholders and look forward to working extensively in order to deliver the higher total shareholder value not just in the short run but into the future.” Speaking on the financial performance, the Managing Director/Chief Executive Officer of the bank, Hassan Usman told shareholders despite challenges encountered in 2018, income after tax rose by 55 per cent from N537m in 2017 to N834m in 2018. He said the bank also recorded increase in income generating assets by 37 per cent from N50.64bn in December 2017 to N69.1bn by December 2018. On the outlook of the bank, and the demands of shareholders for dividend payout he said, “We are poised to creating a responsible business that best meets our customers’ news and a culture where our employees put customers first. “Being an exceptional institution with a humble beginning and optimistic outlook, the bank seeks to continuously redefine standards in all it does. “As we took towards actualisation of our current strategic plan, we shall remain ever committed to the development of Micro, Small and Medium Enterprises.” He said the bank’s engagement with the financially excluded would be innovative and transformative.
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