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JAIZ BANK PAYS N1.38BN DIVIDEND

Shareholders of Jaiz Bank Plc will receive a total of N1.38BN dividend for the Year Ended 2021, representing 4 kobo per ordinary share of 50 kobo each. This was unanimously approved by the shareholders at the 10th Annual General Meeting (AGM) of the Bank yesterday in Abuja.

This the third year the Bank is paying dividends to its shareholders since it began dividend payment in 2019.

The increase in the dividend payment for the year under review was as a result of growth that the Bank witnessed, Chairman of the Bank, Alhaji (Dr.) Umaru Abdulmutallab said at the AGM.

He said the perception of Jaiz brand has continued to improve with the “Bank being awarded the most-improved Islamic Bank in the world by the United Kingdom based-GIFA for a second year in a row.”

The Bank’s audited financial results for the period ended 31 December 2021 showed a 43% growth in Profit Before Tax from N3.07billion in December 2020 to N4.37 billion in December 2021. This is on the backdrop of an increase of 31.76% in Gross Income from N19.61 billion realized in 2020 to N25.84 billion in 2021.

Similarly, the Bank’s Total Asset grew by 19.55% from N233.60 billion to N279.28 billion while Shareholders’ Funds for the period grew by 36.20%, from N17.85 billion to N24.31 billion.

Earnings per share for the period increased by 40.10% from 9.85 kobo in 2020 to 13.80 kobo in 2021.

In the last couple of years, Jaiz Bank has consistently delivered remarkable results, which clearly reaffirms its continuous growth trajectory as one of the most profitable banks in Nigeria.

Speaking yesterday at the AGM, the Managing Director/CEO, Mr. Hassan Usman said despite the tough operating climate characterized by weak economic growth and the negative impact of covid-19 pandemic, the Bank has achieved a lot in terms of financial stability.

He said: “Its external credit rating for instance has materially improved over the past twelve months. Three rating agencies (Fitch Rating, GCR Rating, and Agusto Rating) all gave the Bank investment grade rating of BBB/BBB-”

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