Jaiz Bank Plc has announced a profit after tax (PAT) of N23.48 billion for the 2024 financial year.
The announcement contained in its full year audited result and accounts ended December 31, 2024 showed that the profit was about 108.99 percent higher than the N11.05 billion the bank declared in full year ended December 31, 2023.
Details from the statement showed that Bank, reputed to be Nigeria’s pioneer non-Interest financial institution, recorded growth across all financial and non-financial metrics, maintaining a well-structured and diversified balance sheet.
In the year under review, the Bank said its gross earnings stood at N82.87 billion, about 86.5 per cent growth, from N47.24 billion recorded in the corresponding period of 2023.
On the profit or loss records, the Bank disclosed that its income from financing contracts moved from N17.1327.36billion in 2023, up by 17 percent to N32.04billion in 2024, while its Income from investment activities grew significantly to N44.36 billion in 2024, about 159.56 percent increase from N17.16billion reported in 2023.
Meanwhile, the Bank’s total assets recorded a significant increase of 86.3 percent for the year from N580.13 billion declared in 2023 to N1.08 trillion in 2024.
The growth in assets was driven primarily by N349.6billion investment in Sukuk in 2024, a growth of 129.7 percent from N152.2 billion in 2023, and N493.69 billion customer current deposits in 2024, from N466.57 billion in 2023.
Underlying ratios showed improved profitability and operating efficiency, with the Bank’s return on equity (ROE) closing in 2024 at 34.21 pe cent from 28.12 percent in 2023 as return on assets (ROA) stood at 2.26 percent in 2024 from 1.91 percent in 2023.
Th Bank’s Capital Adequacy Ratio (CAR) stood at 23.87 percent in 2024, up from 17.96 percent in 2023, while liquidity ratio (LR) moved from 37.24 percent to 47.35 percent in 2024.
The Managing Director of Jaiz Bank, Haruna Musa, said the bank was well-positioned to compete effectively on all fronts and meet customers’ needs through fair and ethical financing.
“Despite the challenging operating environment, the Bank continues to enhance its performance across all indices, recording significant growth in both financial and non-financial metrics,” Musa said.
“We remain on track to become the leading ethical bank in Africa. We will continue to focus on strengthening our relationships with our customers while attracting new ones, supporting not just individuals and businesses, but also our communities through digital platforms and innovative products and services,” he added.
The Managing Director said the Bank was confident in its journey to lead the future of ethical finance in Africa and would not relent in its commitment to excellence, while delivering long-term value to all stakeholders.
As a result of the impressive performance, the management of the Bank has proposed an improved dividend payout of N0.07 per share for 2024 financial as against N0.04 per share proposed in 2023 financial year.
The Bank said in a statement on Sunday in Abuja that the appointments were to enhance its leadership with professionals and experienced individuals with track record of ethical and strategic engagements.
Indimi, a respected entrepreneur and business executive in Nigeria’s energy sector, currently serves as the Director and Head of Crude Marketing at Oriental Energy Resources.
He currently leads commercial operations; oversees crude sales strategy; negotiates pricing frameworks, and fosters client relationships for the company.
His leadership in the sector reflects a strong blend of technical understanding, commercial insight, and stakeholder engagement.
Indimi holds a Bachelor’s degree in Information Technology (Internet Security) and an MBA from the American InterContinental University, Atlanta, after completing his foundational studies at Global International College, Lagos.
Bringing on the Board of Jaiz Bank a unique perspective shaped by hands-on experience in one of Nigeria’s most strategic sectors, Indimi’s appointment supports the Bank’s ambition to deepen industry expertise on the Board and broaden its vision of ethical banking in alignment with national development objectives.
Her experience includes successful tenures at leading international institutions such as Merrill Lynch, Citibank, Goldman Sachs, and Credit Suisse, where she served as Vice President, overseeing asset management, credit risk, and Eurobond issuances across global markets.
In 2007, she joined the Nigerian National Petroleum Corporation (NNPC), where she rose through key finance roles to become Group General Manager, LNG Investment Management Services.
Over her tenure, she led critical project financing efforts and helped reposition Nigeria in the global LNG market, including landmark transactions such as the award-winning 2012 RDP Funding deal.
Kolawole holds a Bachelor’s degree in Economics from Suffolk University, Boston, and an MBA from Durham University Business School, UK.
She is also a registered member of the UK’s Securities and Futures Authority (now FCA).
Her appointment brings to Jaiz Bank a rare combination of investment banking acumen, deep sectoral knowledge in project and infrastructure finance, and a proven track record of capital mobilization and stakeholder engagement at the highest levels of industry.
The Chairman of the Board of the Jaiz Bank, Mohammed Mustapha Bintube, said of the two appointments “We are delighted to welcome Ahmed Indimi to the Board of Jaiz Bank. His commercial acumen, sectoral knowledge, and long-term view on investment and governance will be a great asset as we continue our mission to lead in non-interest banking and value-based financial services in Nigeria.”
“We are honoured to welcome Nike Kolawole to the Board of Jaiz Bank. Her exceptional expertise, integrity, and strategic insight will be invaluable as we continue to drive our mission of providing ethical, inclusive, and value-based banking in Nigeria and beyond.”
The Bank said the two appointments were in line with regulatory guidelines and reflects the Bank’s vision to continually attract top-tier talent committed to advancing financial innovation and corporate excellence.
