Jaiz Bank posts N3.10bn PBT

From Uche Usim, Abuja

Shareholders of Jaiz Bank Plc have approved a total dividend of N883.9m representing 3 kobo per share for the 2020 financial year.

The approval was given at the 9th Annual General Meeting of the Bank held on Wednesday in Abuja.

According to the audited financial results for the 2020 financial year, Jaiz Bank Plc recorded a Profit Before Tax (PBT) of N3.10 billion, a 45% increase over the N2.11 billion recorded in the previous year. Similarly, there was an increase in the Profit After Tax from N2.44 billion in the preceding year to N2.90 billion for the year ended December 31, 2020, which reflects the continuous growth in profitability witnessed by the Bank over the last 3 years.

Similarly, the Bank’s Total Assets during the year under review grew to N233.66 billion as against N167.33 billion realized in the previous year, representing a 40% growth.

Earnings Per Share increased from 8.29 kobo in 2019 to 9.85 kobo in 2020, while Return on Equity for the year under review stood at 17%, securing a place for the Bank among the top-4 quoted banks with the highest return to shareholders in the country.

Speaking at the AGM, Chairman of the Bank, Dr Umaru Abdul Mutallab said the Bank worked very hard towards ensuring that the dividend payment was made to the shareholders to meet their aspirations. He added that, despite the challenging economic environment that was aggravated by COVID-19 pandemic, gross earnings rose by 33% from N14.70 billion in 2019 to N19.60 billion in 2020.

In his speech, the Managing Director, 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.

He said: “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.”