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Jaiz Bank records N6.6bn profit, 25% dividends increase

Jaiz Bank, the pioneer Islamic non-interest financial institution in Nigeria, has declared profit margin of N6.6 billion before tax for the 2022 financial year,...

Jaiz Bank, the pioneer Islamic non-interest financial institution in Nigeria, has declared profit margin of N6.6 billion before tax for the 2022 financial year, depicting an increase of N2.4 billion (53 per cent) compared to N4.2 billion realized in the corresponding period of 2021.

The bank also said it recorded 29 per cent increase in its gross earnings to N33.43 billion in 2022 from N25.8 billion earned in 2021 just as its net income surged by 33 per cent from N16.9 billion in 2021 to N22.5 billion in 2022 financial year which also saw its dividends grow by 25 per cent compared to the previous year.

In the audited financial report issued during it’s 11th Annual General Meeting (AGM) in Kano on Thursday, the bank also witnessed a total assets increase by 36 per cent of N379.6 billion as at 31st December, 2023, compared to N279.3 billion recorded in the previous year.

The Chairman, board of directors, Mohamamd Mustapha Bintube further pledged the resolve of the institution to enhance banking services with digital reformation and stimulate robust customers’ relations.

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

He attributed the achievements recorded in the year under review to the strategic investments in digital and fintech transformations, as well as increased in the bank’s operating expenses.

On his part, the Managing Director of the bank, Dr. Sirajo Salisu revealed the plan to expand the bank’s branches across the country with additional 13 branches from the present 47 with a further plan to grow the customer base to 4 million in the next five years.

A shareholder, Patrick Ajujua, applauded the effective and efficient management of the bank and consistent payment of dividends to shareholder. He urged the management to do more in the area of investment in small and medium scale businesses to create more job opportunities in the country.

The shareholders at the AGM approved the appointment of Bintube as the new Chairman of the Board of Directors. Other appointees were Hadi Mutallab, a non-Executive Board member and AlHassan Abdulkarim, Executive Director, Business Development North. Two Independent Non-Executive Directors, Aisha Umar and Dr. Abdullateef Bello, were re-elected for another three-year term.

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