Jaiz Bank to pay maiden dividends of N884m to shareholders

Shareholders of Jaiz Bank Plc are to receive a total of N884million dividend payment subjected to appropriate withholding tax.

The Chairman of the Bank Alhaji Umaru Mutallab disclosed this at the 8th Annual General Meeting (AGM) of the bank held via webinar on Thursday.

Abdul-Mutallab said the premier non-interest bank, had approved the Bank’s proposed first dividend payment of N0.03 kobo per 50 kobo ordinary share for the year ended 2019.

“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, God’s willing,” Mutallab said.

He stated that the payment will be made electronically to shareholders whose names appear in the Register of Members as at 26th June, 2020.

According to him, they must have completed the e-dividend registration and will mandated the registrar to pay their dividends directly into their bank accounts.

“The Bank declared a Profit after Tax of N2.4billion in its audited financial results for the year 2019, showing a surge of 193 percent from N834.4million 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 N879.7million recorded in 2018 to N2.1 billion as at 2019.

“Highlights of the audited financial statement showed that Gross Income grew by 80 per cent to N13.5billion in 2019, from N7.5billion recorded in 2018, while Total Assets gained 54 per cent to N167.27 billion in 2019 from N108.46 billion recorded in 2018.”

In his remarks, the Managing Director, Hassan Usman said the progress the Bank recorded in 2019 was broad-based, apart from stronger Income Statement and Balance Sheet.

He said they had also tackled the bank’s efficiency base, with the consequent reduction in its Cost-Income-Ratio (CIR) from 87.28 per cent in 2018 to 80.21 per cent in 2019.

According to him, the bank delivered stronger Return on Equity (RoE) of 13.57 per cent during the year, a significant increase of over 100 per cent when compared with that of 2018.

He said the bank is strongly committed towards creating optimum value to all its stakeholders.