Jaiz Bank Plc has announced that its total assets rose by 86 per cent to N1.08 trillion in the 2024 fiscal year, surpassing the N1 trillion mark for the first time in its history.
Speaking after the bank’s 2024 virtual Annual General Meeting (AGM), on Thursday, Managing Director/Chief Executive, Dr. Haruna Musa, described the milestone as a reflection of both strong performance and growing stakeholder trust.
He said the results reflected not only the “resilience of our business model but also the trust and confidence reposed in us by our shareholders, customers, and stakeholders.”
The bank’s gross earnings climbed by 75 per cent to N82.87 billion from N47.24 billion in 2023, while Profit Before Tax (PBT) jumped 121 per cent to N24.44 billion, compared to N11.05 billion the previous year. Musa noted that its cost-to-income ratio improved to 60.42 per cent from 65.26 per cent, demonstrating enhanced efficiency.
Customer deposits surged 94 per cent to N904 billion, reflecting increasing public confidence, while Capital Adequacy Ratio (CAR) strengthened to 23.87 per cent, up from 17.96 per cent. Net risk assets and investments rose 88 per cent to N671 billion, and statutory liquidity ratio improved to 47.35 per cent, from 37.24 per cent.
“These achievements underscore our unwavering commitment to delivering sustainable value, promoting ethical banking, and supporting Nigeria’s economic development,” Musa said.
“Looking ahead, we remain committed to deepening financial inclusion, leveraging technology to serve our customers better, and ensuring that Jaiz Bank continues to set the benchmark for non-interest banking in Africa,” he added.
Musa further stated that the bank will build on this momentum to achieve greater success. “Attention will be given to growing the retail base exponentially, enhancing brand and equity visibility, driving innovation through capital mobilisation, digital expansion and internationalisation, as well as refreshing its five-year strategic plan to adapt to evolving market conditions,” he said.
Also speaking, Chairman of Jaiz Bank, Mohammed Bintube, said the bank successfully concluded a private placement of N10.5 billion, raising its capital base to N28.7 billion — well above the Central Bank of Nigeria’s revised minimum requirement of N20 billion.
“This achievement demonstrates strong investors’ confidence in our business model and growth prospects. The additional capital provides us with greater capacity to finance large-ticket transactions and expand our operations, while maintaining healthy capital adequacy ratios,” Bintube stated.
He described 2024 as a watershed in the bank’s history, noting that its performance “not only surpassed our projections but also redefined industry expectations for ethical banking institutions.”
“This milestone achievement reflects the growing acceptance of non-interest banking in Nigeria, and the trust customers place in our institution,” he added.
Bintube further disclosed that Jaiz Bank will expand its footprint in underserved markets and develop specialised products for key sectors such as SMEs, agriculture and infrastructure.
He assured stakeholders of strengthened governance and compliance, saying the bank would “not only meet, but exceed regulatory expectations.”
“We recognise that the journey is far from complete. The coming years will present new challenges and opportunities as the financial services landscape continues to evolve. However, we face the future with confidence, knowing that our ethical foundation, strong performance, and dedicated team position us well to navigate whatever lies ahead,” he concluded.
James Emejo
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