Adeola Ajakaiye in Kano
Jaiz Bank, Nigeria’s pioneer and leading noninterest banking institution, has continued its steady performance trajectory, growing its gross revenue year-on-year in 2022 to N33.29 billion, representing a growth of about 26 percent.
The revenue performance within the period is higher than the sum of N25.63 billion recorded by the bank in the previous year, information provided to the shareholders, during an annual general meeting (AGM) of the bank held in the commercial city of Kano, indicated.
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Musbahu Muhammed Bashir, acting chairman of the bank’s board of directors, disclosed that the bank was also able to grow its profit before tax (PBT) to N6.63 billion in the year under review.
According to him, the growth recorded in the PBT which translated into about 68 percent, was an improvement over the sum of N4.11 billion earned within the same period in the previous year.
Other key financial indices of the bank such as total assets also grew by 36 percent from N279.28 billion as at the end of December, 2021 to N379.50 billion as at December, 2022. Total deposits grew by 37.28 percent from N209 billion as at December 31, December, 2021 to N291.52 billion as at December, 2022.
The shareholders’ funds also grew by 22 percent from N24.31 billion as at the end of December, 2021 to N29.58 billion within the period.
Bashir noted that the sustained positive performance of the bank over the twelve months period was affirmed by the bank’s investment–grade rating by Fitch, Agusto & Co and GCR, which assigned BBB+, BBB and BBB- on the bank respectively. He said that the rating was a reflection of the bank’s financial stability, capital adequacy, good asset quality, adequate liquidity management, diversified portfolio, good corporate governance, improved competitive position as a niche player in the highly competitive banking industry.
The acting chairman explained that the overall performance was recorded against a difficult operation environment occasioned by rising oil prices in the year, and general global economic downturn that brought down the annual GDP of Nigeria to 3.1 percent, as against the previous level of 3.4 percent.
He further explained that the performance recorded within the period coincided with the conclusion of a five year journey into strategic planning implemented by the bank, a move that helped lift the bank to a leadership position in the non-interest banking sector in Nigeria.
“It was also a period that galvanised the realisation of our vision of becoming the clear leader in ethical banking in sub-Saharan Africa which is the basis of our existence as a bank dealing in ethical finance. “It was a feat made possible by the collective efforts of the entire Stakeholders, Shareholders, the board, management, and technical partner, and of course, our greatest asset, the staff,” noted.
With the performance, the shareholders at the AGM, approved the sharing of a dividend of 5 kobo per share, as proposed by the Board of Director of the bank for the concluded financial year.