Jaiz Bank raises dividends by 25% as profit grows by 68.5%

Nigeria’s premier and largest non-interest bank, Jaiz Bank Plc has increased dividends payable to shareholders by 25 per cent.Information Guide Nigeria

This was after the alternative bank grew net profit by 68.5 per cent.

In a regulatory filing at the Nigerian Exchange (NGX), the board of Jaiz Bank recommended payment of a dividend per share of 5 kobo for the 2022 business year, totaling N1.727 billion.

Other Top Stories:

• FG links delay in N13b Umuahia-Ikot Ekpene road project to rising cost of materials
• CBN fines GTBank over failure in money laundering test, others
• NDLEA apprehends pregnant woman, cripple in Edo with different illicit drugs
• World Bank Releases Report as FG Spends N96 Out of Every N100 of Its Revenue to Repay Debt

As reported by THE NATION, Jaiz bank had paid a dividend per share of 4 kobo for the 2021 business year.

By the close of business on June 1, 2023, the new dividend becomes payable on June 14, 2023 to all shareholders on the register of the bank.

Key extracts of the audited report and accounts for the period ended December 31, 2022 released at the NGX showed that gross earnings rose by 29.4 per cent from N25.84 billion in 2021 to N33.43 billion in 2022. Profit before tax grew by 59.5 per cent from N4.16 billion in 2021 to N6.63 billion in 2022.NYSC Portal

The 12-month report double-digit growths across key performance indicators, underlining improvements in incomes and profitability.

Also, net profit, grew by 68.5 per cent from N4.08 billion in 2021 to N6.88 billion in 2022.

According to THE NATION, earnings per share increased by 39.13 per cent to 19.2 kobo in 2022 as against 13.8 kobo in 2021.

The issued share capital of the bank had increased from 29.46 billion shares in 2021 to 34.54 billion shares.

The balance sheet of the bank also expanded by more than one-third with total assets rising by 35.6 per cent to N378.82 billion in 2022 as against N279.27 billion in 2021. Total equity funds also increased from N24.31 billion to N29.80 billion, THE NATION reports.

Underlying ratios showed a generally positive outlook with the bank’s net income margin (NIM) improving from 7.86 per cent in 2021 to 8.29 per cent in 2022.

THE NATION reports that the cost-to-income ratio improved from 75.49 per cent in 2022 to 70.51 per cent.

Return on total assets increased from 1.49 per cent to 1.75 per cent. Return on equity also grew from 17.11 per cent in 2021 to 22.25 per cent in 2022. While capital adequacy dropped from 23.66 per cent to 19.50 per cent, liquidity improved from 29.78 per cent to 38.50 per cent.

Dr Sirajo Salisu, the Managing Director, Jaiz Bank Plc noted that the bank has continued to make outstanding progress despite the headwinds, including the fluctuating currency rate and the effects of the Russia-Ukraine war on the entire world.

He said the 2022 result was a testimony that Islamic finance is increasingly gaining acceptance in Nigeria with Jaiz Bank leading the market with bouquet of value-adding products and services.JAMB Result

Check: JAMB Result

Check and Confirm: How much is Dollar to Naira today

📢 We are hiring writers!