Jaiz Bank Plc, Nigeria’s pioneer non-interest financial institution, has posted an impressive 109% rise in net profit, reaching N23.48 billion for the 2024 financial year—more than double the N11.05 billion recorded in 2023.
In response, the bank’s board has proposed a 75% increase in dividend payout, raising the dividend per share from 4.0 kobo in 2023 to 7.0 kobo.
According to its audited financials released on the Nigerian Exchange (NGX), Jaiz Bank recorded strong growth across all key indicators. Gross earnings rose by 86.5% from N47.24 billion in 2023 to N82.87 billion in 2024. Income from financing contracts jumped to N32.04 billion, up from N17.36 billion, while investment income surged to N44.36 billion from N17.16 billion.
The bank’s balance sheet expanded significantly, with total assets crossing the N1 trillion mark to hit N1.08 trillion, up 86.3% from N580.13 billion in the previous year.
This growth was largely driven by a 129.7% increase in Sukuk investments to N349.6 billion, alongside higher customer current deposits which reached N493.69 billion, up from N466.57 billion.
Key performance ratios also improved. Return on Equity (ROE) climbed to 34.21% from 28.12%, and Return on Assets (ROA) rose to 2.26% from 1.91%. The bank’s Capital Adequacy Ratio (CAR) improved from 17.96% to 23.87%, while liquidity ratio strengthened from 37.24% to 47.35%.
Jaiz Bank’s Managing Director, Dr. Haruna Musa, credited the stellar performance to the bank’s ethical banking model and strong customer engagement.
“Despite a challenging operating environment, we have consistently grown both financial and non-financial metrics. We remain on course to becoming Africa’s leading ethical bank,” Musa said.
“Our focus remains on building stronger relationships, attracting new customers, and supporting communities through innovative, Shari’ah-compliant products and services.”
In a move to further strengthen governance, the bank also announced the appointment of Ahmed Mohammed Indimi as a Non-Executive Director and Nike Kolawole as an Independent Non-Executive Director.
Both appointments have received approval from the Central Bank of Nigeria (CBN).
Indimi, a notable entrepreneur in Nigeria’s energy sector, currently serves as Director and Head of Crude Marketing at Oriental Energy Resources.
He holds a Bachelor’s degree in Information Technology and an MBA from American InterContinental University, Atlanta. His appointment is expected to add commercial depth and strategic insight to Jaiz Bank’s board.
Kolawole, a seasoned finance executive, brings a wealth of global investment banking experience, having held key positions at Merrill Lynch, Citibank, Goldman Sachs, and Credit Suisse.
She also served as Group General Manager at the Nigerian National Petroleum Corporation (NNPC), where she led high-impact LNG investment initiatives.
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Chairman of Jaiz Bank, Mohammed Mustapha Bintube, welcomed the new board members, stating: “Indimi’s commercial acumen and Kolawole’s investment expertise will be invaluable as we advance our mission to deliver ethical, inclusive, and value-driven financial services.”
According to Jaiz Bank the appointments reflect its commitment to strengthening leadership with individuals of high integrity and proven track records, as it pursues sustainable growth and ethical banking leadership across Africa.
