Jaiz Bank posts N6.6b profits, shares 50k dividend

Amid global economic turbulence, Jaiz Bank Plc, a leading non-interest financial institution in Nigeria, has declared a N6.6b profit before tax for the 2022 financial year, an increase of N2.4b, which translates to 53 per cent, compared to N4.2b realised in the corresponding period of 2021.

Also, the Islamic bank recorded 29 per cent increase in its gross earnings of N33.43b in 2022 from N25.8b earned in 2021. This is just as its net income surged by 33 per cent from N16.9b in 2021 to N22.5b in 2022 financial year.

In an audited financial report issued during its 11th Annual General Meeting (AGM), on Friday, in Kano, the bank witnessed assets increase by 36 per cent of N379.6b as at December 31, 2022, compared to N279.3b recorded in the previous year.

Despite an increase in its operating expenses, put at 23.8 per cent to N15.9b, there was a reduction in the bank’s operating costs indicating a positive cost-to-income ratio of 70.5 per cent compared to 74.5 per cent as seen in the previous year.

Similarly, the bank’s net income margin stood at 8.29 per cent as of December 31, 2022, while the capital adequacy ratio was 19.5 per cent, indicating a managed capital, well above the minimum regulatory requirements.

With the quantum leap of 39 per cent in customers’ deposits liabilities at N291.5b in 2022 compared to N209.1b in 2021, Jaiz Bank’s total balance sheet size increased by 36 per cent of N379.8b against N279.3b recorded in 2021.

Addressing journalists on the sidelines of the AGM, Chairman, Board of Directors, Alhaji Mohamamd Mustapha Bintube, said that the tremendous achievements recorded in the year under review was occasioned by strategic investments in digital and fintech transformations.

Bintube added that Jaiz will sustain the momentum on its strategic growth and support especially in the area of innovation, with new products, Medium and Small Entrepreneur and digitalization.

The bank’s Managing Director, Dr. Sirajo Salisu, pledged the bank’s determination to expand it branches with 13 new branches from the present 47. He added that the management is strategically positioned to grow her customer based to four million in the next five years.

A shareholder Patric Ajujua, applauded the effective and efficient management of the bank and consistent payment of dividend to shareholder.