Jaiz Bank Plc on Wednesday, June 23, announced that it had paid a total dividend of N883.9 million to its shareholders.
Techeconomy.ng gathered that the shareholders were credited immediately after the approval of the dividend payout at the annual general meeting in Abuja.
Speaking on the bank’s decision, the chairman, Jaiz Bank Plc, Alhaji Umaru Abdul Mutallab explained that the financial instittion worked assiduously towards ensuring that the dividend payment is made to the shareholders to meet their aspirations.
Mutallab also said 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.
Also, the bank’s total assets during the year under review is said to have grown to N233.66 billion as against N167.33 billion realized in the previous year, representing a 40 per cent growth.
This medium gathered that the bank’s 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.
Commenting on the profits, the 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.
Usman said: “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.”
Techeconomy.ng previously reported that the bank said it was expecting a rise in its Profit After Tax to N747.37 million for the first quarter of 2021 (Q1 2021), indicating an increase of 10.2%, from the figure recorded in Q3 2020.
This was contained in its latest earnings projection of the firm, sent to the Nigerian Stock Exchange (NSE). .
The bank’s projection is subject to rising uncertainties and heightened fears over a second wave of the COVID-19 pandemic.
On the other hands its optimistic outlook projection might be attributable to an expected economic recovery in Q1 2021 as predicted by some analysts.