Jaiz Bank Plc has declared a Profit after Tax (PAT) of N2.4 billion in its audited financial results for the year 2019, showing a 193 percent increase from N834.4million recorded in the corresponding period of 2018.
The Bank also declared a 135 percentage increase in Profit before Tax for the period under review from N879.7million recorded in 2018 to N2.1 billion as at 2019.
This is just as the Bank’s shareholders approved the proposed first dividend payment of N0.03 kobo per 50 kobo ordinary share for the year ended 2019.
Jaiz is Nigeria’s premier non-interest bank.
At its 8th Annual General Meeting (AGM), which was held at the bank’s head office Thursday in Abuja, the bank’s chairman, Alhaji Umaru Abdul Mutallab said the total N884million dividend payment is subject to appropriate withholding tax.
“This dividend despite being modest signifies a lot to our shareholders, board and management. We remain strongly committed to sustaining the tempo in the coming year (God willing),” Mutallab said.
The bank said payment will be made electronically to shareholders, whose names appear in the Register of Members as at 26th June, 2020. They must have completed the e-dividend registration and mandated the registrar to pay their dividends directly into their bank accounts.
Highlights of the audited financial statement showed that Gross Income grew by 80 percent to N13.5billion in 2019, from N7.5billion recorded in 2018, while Total Assets gained 54 percent to N167.27 billion in 2019 from N108.46 billion recorded in 2018.
Speaking at the AGM, the Managing Director/CEO of the bank, Hassan Usman said the progress recorded during the year under review was broad-based apart from stronger income statements and balance sheets.
He said: “We have tackled our efficiency base, with the consequent reduction in our cost-income-ratio (CIR) from 87.28 percent in 2018 to 80.21 percent in 2019. We have equally delivered stronger Return on Equity (RoE) of 13.57 percent during the year (a significant increase of over 100 percent when compared with that of 2018).”
He said the bank is strongly committed towards creating optimum value for all its stakeholders.
