Jaiz Bank records 67% profit in 2023, expects better performance in year ahead

Jaiz Bank Plc, Nigeria’s pioneer non-interest bank, has recorded an impressive 67% growth in key financial indicators in 2023 and is expected to sustain and exceed this performance in 2024 and beyond.

The bank said despite the challenging economic and financial environment in which it operates, it has consistently declared a dividend annually.

The Chairman of the Board of Directors, Mohammed Mustapha Bintube in his address at the AGM disclosed that as of the end of December 2023, the bank recorded a profit of over N11 billion, which represented a growth of 67% 2022.

He also disclosed that the half-year 2024 unaudited results is also impressive and has already exceeded the bank’s full-year profit of 2023.

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He said: “We have consistently paid dividends to our shareholders over the years and will continue to improve the number of dividends we will pay to our shareholders over the coming years.”

According to Bintube: “The bank will continue to leverage its digital channels to improve customer experience and services. We are committed to making the most successful ethical bank, not only in Nigeria, but the entire African continent.”

Bintube also acknowledged customers for their continued patronage, applauding the retired outgoing Directors of the Bank, the Advisory Committee of Experts (ACE) for contributing towards the success of the bank, affirming that their legacies would linger for generations to come.

Also speaking, the MD/CEO Jaiz Bank, Haruna Musa said “We have heard the clamour from most of our shareholders, they have given us a marching order that we have to move to a minimum of one naira and we are promising henceforth the minimum should be one naira.

Speaking on the recapitalisation drive, he said: “Even prior to the announcement by CBN, about the new capital structure, our board has been very proactive by arranging a private placement. So, our top investors have invested the sum of N10. 4 billion.

“Our current verified capital by CBN is about N18.7billion. We have only a 1.3 billion shortfall. So just like our chairman has pointed out earlier, we are almost 99.9% completed, we are awaiting final clearance and by the grace of God Almighty, we are going to be the first bank in Nigeria to cross the new CBN capitalisation requirements.