Jaiz Bank Pays N1.3bn Dividend To Shareholders

Nigeria’s premier non-interest bank, Jaiz Bank Plc, has announced a payment of N1.38 billion as a dividend payment to shareholders for the year 2021, which represents 4 kobo per ordinary share of 50 kobo each.

The decision to pay the amount was unanimously approved by the shareholders at the 10th Annual General Meeting (AGM) of the Bank in Abuja.

Chairman of the Bank, Alhaji Umaru Abdulmutallab said the increase in the dividend payment for the year under review was as a result of growth that the bank witnessed.

He said the perception of Jaiz brand has continued to improve with the bank being awarded the most-improved Islamic Bank in the world by the United Kingdom based-GIFA for the second year in a row.

Speaking further, he said: “The Bank’s audited financial results for the period ended 31 December 2021 showed a 43 per cent growth in Profit Before Tax from N3.07billion in December 2020 to N4.37 billion in December 2021.

This is on the backdrop of an increase of 31.76 per cent in Gross Income from N19.61 billion realized in 2020 to N25.84 billion in 2021. Similarly, the Bank’s Total Asset grew by 19.55 per cent from N233.60 billion to N279.28 billion while Shareholders’ Funds for the period grew by 36.20 per cent, from N17.85 billion to N24.31 billion.

Earnings per share for the period increased by 40.10 per cent from 9.85 kobo in 2020 to 13.80 kobo in 2021.”

Also speaking, the Managing Director/CEO, Mr. Hassan Usman said despite the tough operating climate characterized by weak economic growth and the negative impact of covid-19 pandemic, the Bank has attained some financial stability.

He said: “Its external credit rating for instance has materially improved over the past twelve months as three rating agencies (Fitch Rating, GCR Rating, and Agusto Rating) all gave the Bank investment grade rating of BBB/BBB-”