Business - Investment Business - News - June 23, 2021

JAIZ Bank approves N883.9million dividend for investors


Investors in Jaiz Bank Plc to receive a about N883.9million as dividend from their investments, the management of the non-interest bank said on Wednesday.
The bank said at its 9th Annual General Meeting in Abuja that the payout represents 3 kobo per share for the 2020 financial year.
Chairman of the Bank, Umaru  Mutallab, said it “worked assiduously towards ensuring the dividend payment is made to the shareholders to meet their aspirations.”
Mutallab said despite the challenging economic environment aggravated by COVID 19 pandemic, gross earnings of the banm for the year rose by about 33 percent, from N14.70 billion in 2019 to N19.60 billion in 2020.
He said from the audited financial results for the 2020 financial year, Jaiz Bank Plc recorded a profit before tax (PBT) of N3.10 billion, a 45 percent increase over the N2.11 billion recorded in the previous year. Similarly, he said there was an increase in the profit after tax (PAT) figures from N2.44 billion in the preceding year to N2.90 billion for the year ended December 31, 2020.
This, the Chairman said, reflects the continuous growth in profitability witnessed by the Bank over the last three years.
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 percent growth.
Besides, he said 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 percent, securing a place for the Bank among the top-four quoted banks with the highest return to shareholders in the country.
The Managing Director/CEO, Hassan Usman said the Bank has demonstrated financial resilience by remaining profitable during a tumultuous year.
Usman 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.”

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