Jaiz Bank proposes dividend after strong 2023, maintains momentum in Q1 2024

Jaiz Bank Plc reported strong financial performance for both full year 2023 and the first quarter (Q1) of 2024, according to results released today.

2023 Highlights:

• Gross earnings jumped significantly, rising to N47.2 billion from N33.3 billion in 2022, reflecting a 42% year-on-year increase.
• Profit after tax (PAT) followed suit, climbing to N11.2 billion from N6.9 billion in the previous year, a 62% increase.

• This impressive performance translated into earnings per share (EPS) of 32.53 kobo, up from 19.92 kobo in 2022, indicating a 63% improvement.

• The Board of Directors proposed a dividend of 4 kobo per share subject to shareholder approval at the upcoming Annual General Meeting.

“The Board of Directors, pursuant to the powers vested in it by the provisions of Section 59 of the Companies and Allied Matters Act 4242, proposed a dividend of 4 kobo per share as at December 31, 2023. This is subject to approval by shareholders at the next Annual General Meeting,” the bank stated in the report.

Q1 2024 Performance:

Building on its strong performance in 2023, Jaiz Bank continued to demonstrate remarkable growth in the first quarter of 2024.

• The bank’s total assets displayed continued growth, reaching N671 billion by the end of Q1 2024, up from N580 billion at the end of 2023 as due from other banks and financial institutions more than doubled and its Interbank Murabaha (a Sharia-compliant way for Islamic banks to lend money to each other by using a markup on an underlying asset) rose nearly nine times.
• Gross earnings for Q1 2024 were N16.5 billion, a substantial increase from N9.9 billion in the same period of 2023.
• PAT for Q1 2024 came in at N5.8 billion, a remarkable 278% increase compared to N1.5 billion in Q1 2023.