HomeBusinessJaiz Bank pays shareholders ₦884m maiden dividends

Jaiz Bank pays shareholders ₦884m maiden dividends

Shareholders of Jaiz Bank Plc, will receive their first ever dividend payment since the bank began operation.

Shareholders of Jaiz Bank on Thursday approved the Bank’s proposed dividend payment out of N0.03 kobo per 50 kobo ordinary share (₦884 million) for the year ended 2019.

At its 8th Annual General Meeting (AGM) held at the Bank’s Head Office in Abuja yesterday, chairman of the Bank Alhaji (Dr.) Umaru Abdul Mutallab said the total ₦884million dividend payment will be subject to appropriate withholding tax.

According to him, this dividend despite being modest signifies a lot to our Shareholders, Board and Management. We remain strongly committed to sustaining the tempo in the coming year”.

The board pledged that “the bank is strongly committed towards creating optimum value to all its stakeholders.”

The payment will be made electronically to shareholders whose names appear in the Register of Members as at 26th June, 2020 and who must have completed the e-dividend registration and mandated the registrar to pay their dividends directly into their bank accounts.

It was also revealed at the AGM that Jaiz bank declared a Profit after Tax of ₦2.4billion in its audited financial results for the year 2019, showing an increase of 193 percent from ₦834.4million recorded in the corresponding period of 2018.

The Bank also declared a 135 percentage increase in Profit before Tax for the period under review from ₦879.7million recorded in 2018 to ₦2.1 billion as at 2019.

Highlights of the audited financial statement showed that Gross Income grew by 80 percent to ₦13.5billion in 2019, from ₦7.5billion recorded in 2018, while Total Assets gained 54 percent to ₦167.27 billion in 2019 from ₦108.46 billion recorded in 2018.

Speaking at the AGM, the Managing Director/Chief Executive Officer Hassan Usman said “the progress the Bank recorded in 2019 was broad-based apart from stronger Income Statement and Balance Sheet.”

According to him, “We have equally tackled our efficiency base, with the consequent reduction in our cost-income-ratio (CIR) from 87.28 percent in 2018 to 80.21 percent in 2019. We have equally delivered stronger Return on Equity (RoE) of 13.57 percent during the year (a significant increase of over 100 percent when compared with that of 2018).”

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