Jaiz Bank Plc, a Nigerian non-interest financial institution, recorded a post-tax profit of N23.48 billion for the 2024 financial year, a 109% increase from the N11.24 billion posted in 2023.
Contained in the bank’s audited financial statement released on the Nigerian Exchange, the figures reveal significant improvements across key performance indicators.
Gross earnings rose to N82.87 billion, a 75% surge from N47.24 billion in the previous year, while profit before tax doubled to N24.44 billion from N11 billion.
Jaiz Bank’s total assets grew to N1 trillion in 2024, up from N580 billion in 2023. Total liabilities also rose to N1 trillion from N540.82 billion.
Earnings per share increased to N66.38 kobo in 2024, compared to N32.53 kobo in 2023, while retained earnings surged to N15.69 billion, up from N5.41 billion.
The Bank’s net fee and commission income also saw strong growth, rising to N5.47 billion from N2.3 billion, indicating improved revenue from customer-related services.
Following this performance, the Board of Directors has proposed a final dividend of N7.78 kobo per 50 kobo ordinary share, higher than the 0.04 kobo paid in 2023.
The dividend will be paid on the bank’s 44.59 billion issued ordinary shares, subject to applicable withholding tax, to shareholders whose names appear in the register as of the closure date.
Though the release of the audited results came later than expected, the financial statements provide stakeholders a clear picture of the bank’s fiscal health.
