Jaiz Bank Plc grew its profit by 85.5 per cent in 2024, from N48.24 billion to N82.87 billion. In its full-year audited results and accounts ending December 31, 2024, the bank reported an impressive profit after tax (PAT) of 108.99 per cent over N11.05 billion declared in the full year ended December 31, 2023.
On the profit or loss records, Jaiz Bank disclosed 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, from N17.16 billion reported in 2023.
The Bank’s total assets for the year under review exceeded 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 per cent 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 34.21 per cent from 28.12 per cent in 2023, as RoA stood at 2.26 per cent in 2024 from 1.91 per 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.
In his reaction to the sterling performance, the Managing Director of the bank, Dr Haruna Musa, said: “The bank was well-positioned to compete effectively on all fronts and meet customers’ needs through fair and ethical financing.
“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 disclosed that the bank remains on track to become the leading ethical bank in Africa, saying, “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.”
Consequently, the management of Jaiz Bank proposed a dividend payout of N0.07 per share for the 2024 financial year as against N0.04 per share proposed in 2023.
Meanwhile, Ahmed Mohammed Indimi has joined the bank as a Non-Executive Director, while Nike Kolawole also came on board as an Independent Non-Executive Director.
The Bank said the appointments were made to enhance its leadership with professionals, experienced individuals with a track record of ethical and strategic engagement.
