Dare Babalola
Jaiz Bank Plc has announced a remarkable 108.99 percent growth in its profit after tax (PAT), reaching N23.48 billion for the full year ended December 31, 2024.
This was made public in a press statement by the bank, which also announced that it made more than double the N11.05 billion reported in 2023.
Jaiz, being Nigeria’s pioneer Non-Interest Bank also disclosed that it had a robust improvement across all financial and non-financial metrics.
According to the bank, in the year 2024, it had an 86.5 per cent growth in gross earnings, revealing that in the year, it made N82.87 billion, dwarfing year 2023 record.
On the profit or loss records, Jaiz Bank disclosed that its income from financing contracts moved from N17.1327.36billion in 2023, up by 17 percent to N32.04billion in 2024, while its Income from investment activities grew significantly to N44.36 billion in 2024, about 159158.56 per cent increase from N17.16billion reported in 2023.
In addition, Jaiz’s total assets surged past the N1 trillion milestone for the first time, closing 2024 at N1.08 trillion, a significant leap from N580.13 billion in 2023.
This growth was largely driven by a 129.7 percent increase in Sukuk investments to N349.6 billion, and a sharp rise in customer deposits to over N493.69 billion, up from N224.46 billion.
The bank also recorded improvements in profitability and efficiency indicators.
Underlying ratios showed improved profitability and operating efficiency, with Jaiz Bank’s return on equity (ROE) closing 2024 at 34.21per cent from 28.12 per cent in 2023 as return on assets (ROA) stood at 2.26 per cent in 2024 from 1.91per cent in 2023.
The bank added that its Capital Adequacy Ratio (CAR) leaped to 23.86 per cent, from 17.96 per cent it recorded in 2023.
Also, Jaiz Bank’s liquidity ratio (LR) moved from 37.24 per cent to 47.35 per cent in 2024.
Following the growth, the management of Jaiz Bank proposed that shareholders should get a 7kobo dividend as against the 4kobo paid out in 2023.
The bank’s Managing Director, Haruna Musa noted that Jaiz has not drifted away from the purpose of existence, adding that it “was well-positioned to compete effectively on all fronts and meet customers’ needs through fair and ethical financing.”
“Despite the challenging operating environment, the Bank continues to enhance its performance across all indices, recording significant growth in both financial and non-financial metrics.
“We remain on track to become the leading ethical bank in Africa. We will continue to focus on strengthening our relationships with our customers while attracting new ones, supporting not just individuals and businesses but also our communities through digital platforms and innovative products and services.
“We are confident in our journey to lead the future of ethical finance in Africa and will not relent in our commitment to excellence while delivering long-term value to all stakeholders,” Haruna stated.
