Jaiz Bank Plc, Nigeria’s leading non-interest financial institution, reported a robust N23.48 billion profit after tax for the 2024 financial year—marking a remarkable 109% rise from the N11.24 billion recorded in 2023.
The performance, detailed in the bank’s audited financial statement filed with the Nigerian Exchange, reflects strong growth across several key financial metrics.
Gross earnings soared by 75%, reaching N82.87 billion compared to N47.24 billion in the previous year. Pre-tax profit also climbed significantly to N24.44 billion, more than doubling the N11 billion posted in 2023.
Total assets increased sharply, crossing the N1 trillion mark in 2024 from N580 billion the year before. Similarly, total liabilities rose to N1 trillion from N540.82 billion.
Earnings per share advanced to 66.38 kobo, up from 32.53 kobo in the prior year, while retained earnings jumped to N15.69 billion from N5.41 billion. The bank also recorded higher income from fees and commissions, with net revenue in this category rising to N5.47 billion from N2.3 billion.
In light of this performance, the Board of Directors has recommended a final dividend of 7.78 kobo per 50 kobo ordinary share—an increase from the 0.04 kobo paid in the preceding year. The proposed dividend is subject to appropriate withholding tax and will be distributed to shareholders whose names are listed in the register at the stipulated closure date.
Despite the delayed release of the audited report, the results offer a transparent and comprehensive view of the bank’s financial standing for 2024.
What’s your opinion on this story?
