Jaiz Bank Plc reported a 121 per cent rise in profit before tax to N24.44 billion for the year ended 31 December 2024, up from N11.05 billion in 2023, as the bank strengthened earnings and improved efficiency.
Nigeria’s first non-interest bank also declared a dividend of N3.2 billion, or 7 kobo per share, at its 2024 annual general meeting held Wednesday in Abuja.
Gross earnings increased 75 per cent to N82.87 billion from N47.24 billion in 2023, lifted by higher yields on earning assets, which rose from 13.02 per cent to 14.43 per cent, and a 72 per cent jump in investment income. Total assets climbed 86 per cent to N1.08 trillion, making Jaiz the first fully non-interest bank in Nigeria to cross the N1 trillion mark.
Customer deposits nearly doubled to N904.79 billion, while net risk assets and investments rose 88 per cent to N671 billion. The bank’s capital adequacy ratio strengthened to 23.87 per cent, above the regulatory minimum.
“We crossed the one-trillion-naira mark in total assets, expanded our deposit base by 94%, and maintained sound capital and liquidity metrics. These results reflect the strength of our ethical banking model and the trust of our stakeholders,” Haruna Musa, managing director and chief executive officer, said.
“We are building an institution not only rooted in Islamic finance principles but also capable of competing at the highest level of profitability and governance,” Mr Musa said, listing the 2025 focus areas as growing the retail base, digital expansion, increasing geographic footprint and refreshing the five-year strategic plan.
Chairperson, Mohammed Bintube, likened 2024 as “a watershed moment” for the bank and credited much of the growth to a restructuring that created specialised divisions for sharper focus and faster decision-making.
“Each division now operates with clearer focus and better-defined performance metrics. This has fostered specialization and improved our responsiveness to market dynamics,” he said.
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Operating expenses rose 80 per cent to N39.31 billion, mainly from a 55 per cent increase in expense-bearing funds and broad inflationary pressures. The cost-to-income ratio nevertheless improved to 60.42 per cent from 65.26 per cent.
The bank also completed a N10.05 billion private placement in 2024, raising shareholders’ funds to N28.7 billion, above the Central Bank of Nigeria’s revised minimum for national banks.
“The additional capital provides us with greater capacity to finance large-ticket transactions and expand our operations while maintaining healthy capital adequacy ratios,” Mr Bintube said.
