Jaiz Bank posts N23.48bn profit in 2024, proposes N0.07 per share dividend

Jaiz Bank Plc, Nigeria’s pioneer non-interest Bank has released its full year audited result and accounts for the period ended December 31, 2024, with profit after tax (PAT) of N23.48 billion.

The management of the bank has proposed a dividend payout of N0.07 per share for 2024 financial year as against N0.04 per share paid in 2023 financial year.

The Bank, in a press statement, reported an impressive PAT of 108.99 percent over N11.05 billion declared in the full year ended December 31, 2023.

The statement showed that Nigeria 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.

The bank disclosed that its income from financing contracts moved from N17.1327.36 billion in 2023, up by 17 percent 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.

Meanwhile, 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 by primarily by N349.6 billion investment in Sukuk in 2024, a growth of 129.7 percent from N152.2 billion in 2023 and N493.6904.79 billion customer current deposits in 2024, representing a 12093.2 percent growth from N466.57224.46 billion in 2023.

Commenting on the financial report, Managing Director, 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.”

“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.”