Jaiz Bank nears recapitalization target, posts impressive financials
Jaiz Bank Plc has expressed optimism about meeting the Central Bank of Nigeria’s (CBN) N20 billion recapitalization deadline.
At the bank’s Annual General Meeting (AGM) on Tuesday, July 16, the Managing Director Haruna Musa announced that the bank is only N1.3 billion short of the target.
The bank had proactively raised N10.4 billion through a private placement before the CBN’s announcement, bringing its total capital to N18.7 billion.
Musa expressed confidence that the remaining sum would be secured through a public offering, positioning Jaiz Bank as the first to complete the recapitalization process.
The bank’s financial performance for the 2023 fiscal year was equally impressive. Gross earnings surged by 42 percent to N47.2 billion from N33.2 billion in the previous year. Profit Before Tax (PBT) climbed by 67 percent to N11.1 billion, up from N6.6 billion in 2022.
Customer deposits witnessed a 123 percent growth, rising from N209 billion in 2022 to N466 billion in 2023. Total assets also expanded by 108 percent, increasing from N279 billion in 2022 to N580 billion in 2023.
Chairman of the bank, Mohammed Mustapha Bintube, expressed satisfaction with the bank’s performance, highlighting that the half-year 2024 results had already surpassed the previous year’s full-year profit.
He reaffirmed the bank’s commitment to consistent dividend payouts to shareholders, promising to increase the dividend amount in the coming years.
Bintube emphasized the bank’s focus on digital transformation to enhance customer experience, noting that most customers now prefer digital channels for banking transactions.
He thanked customers for their loyalty and expressed the bank’s desire to deepen the customer relationship.
The AGM also marked the retirement of directors who had served the maximum of 12 years on the board.
The chairman commended their contributions to the bank’s success and welcomed new board members who are expected to bring fresh perspectives and energy to the organization.
Jaiz Bank, Nigeria’s first and largest non-interest bank, reiterated its ambition to become the leading ethical bank in Africa.
The bank plans to invest heavily in people, technology, and sustainable banking to achieve this goal.
It also aims to support the government’s efforts in addressing food inflation by financing the agriculture sector.
The bank emphasized its commitment to SME banking, women, and youth empowerment, pledging to increase investments in these areas.
It also announced plans to increase the number of women in leadership positions, targeting more female independent and non-executive directors by the next AGM.
