Jaiz Bank pays N1.3bn dividend to shareholders

Nigeria’s premier non-interest bank, Jaiz Bank Plc, has announced a payment of N1.38 billion as dividend to its shareholders for the year 2021.

The payment represents four kobo per ordinary share of 50 kobo each. 

The decision to pay the amount was approved by the shareholders at the 10th Annual General Meeting (AGM) of the bank yesterday in Abuja.

The chairman of the Bank, Alhaji Umaru Abdulmutallab, said the increase in the dividend payment for the year under review was as a result of growth that the bank witnessed.

He said the perception of the Jaiz brand had continued to improve with the bank being awarded the most improved Islamic bank in the world award by the United Kingdom-based GIFA for a second year in a row.

Speaking further, he said, “The bank’s audited financial results for the period ended 31st December, 2021, showed a 43 per cent growth in Profit Before Tax from N3.07bn in December, 2020, to N4.37bn in December, 2021. 

This is on the backdrop of an increase of 31.76% in gross income from N19.61bn realised in 2020 to N25.84bn in 2021. 

Similarly, the bank’s total assets grew by 19.55% from N233.60bn to N279.28bn, while shareholders’ funds for the period grew by 36.20%, from N17.85bn to N24.31bn.

Earnings per share for the period increased by 40.10 per cent from 9.85 kobo in 2020 to 13.80 kobo in 2021. 

Also speaking, the Managing Director/CEO of Jaiz, Mr Hassan Usman, said despite the tough operating climate characterised by weak economic growth and the negative impact of COVID-19, the bank had attained some financial stability.

He said, “Its external credit rating for instance has materially improved over the past 12 months, as three rating agencies: Fitch Rating, GCR Rating and Agusto Rating, gave the bank investment grade rating of BBB/BBB.”