Jaiz Bank to pay N883.9m dividend to shareholders

The shareholders of Jaiz Bank Plc have approved a total dividend of N883.9 million representing three kobo per share for the 2020 financial year.

The approval was made at the 9th Annual General Meeting of the Bank in Abuja on Wednesday where the Chairman, Alhaji (Dr.) Umaru Abdul Mutallab, said the Bank worked assiduously towards ensuring that the dividend payment is made to the shareholders to meet their aspirations.

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He added that, despite the challenging economic environment that was aggravated by COVID 19 pandemic, Gross Earnings rose by 33 percent from N14.70 billion in 2019 to N19.60bn in 2020.

According to the audited financial results, Jaiz Bank recorded a Profit Before Tax (PBT) of N3.10bn, a 45% increase over the N2.11bn in 2019.

There was an increase in the Profit After Tax from N2.44bn to N2.90bn for the year ended December 31, 2020, which reflects the continuous growth in profitability witnessed by the Bank over the last three years.

The Bank’s Total Assets grew to N233.66bn as against N167.33bn realized in the previous year, representing a 40% growth.

The Managing Director/CEO, Hassan Usman, said the Bank has demonstrated financial resilience by remaining profitable during a tumultuous year and assured stakeholders of the Bank of the Board’s commitment to continue to sustain the positive trend.

“This Sterling performance is reassuring and gives us confidence to pursue our vision to be the clear leader in ethical banking in sub-Saharan Africa,” he said.