Jaiz Bank pays N883.9m dividend to shareholders

Jaiz Bank pays N883.9m dividend to shareholders – Shareholders of Jaiz Bank Plc yesterday received a total dividend of N883.9 million.

The shareholders were credited immediately after the approval of the divided payout at the annual general meeting in Abuja.

Chairman, Jaiz Bank Plc,  Alhaji Umaru Abdul Mutallab said the bank worked assiduously towards ensuring that the dividend payment is made to the shareholders to meet their aspirations.

He added that, despite the challenging economic environment that was aggravated by COVID-19 pandemic, the bank’s gross earnings rose by 33 per cent from N14.70 billion in 2019 to N19.60 billion in 2020.

Key extracts of the audited report and accounts for the year ended December 31, 2020 showed that Jaiz Bank recorded a profit before tax of N3.10 billion, a 45 per cent 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 in 2020, which reflects the continuous growth in profitability witnessed by the bank over the last three 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 per cent 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 per cent, securing a place for the bank among the top-four quoted banks with the highest return to shareholders in the country.

Managing Director, Jaiz Bank Plc, 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,” Usman said.