Shareholders Approve Jaiz Bank’s N885m Dividend

Shareholders of Jaiz Bank Plc have approved the Bank’s proposed first dividend payment of N0.03 kobo per 50 kobo ordinary share for the 2019 financial period.

At its Eight Annual General Meeting held at the Bank’s Head Office in Abuja on Thursday, chairman of the Bank Alhaji Umaru Abdul Mutallab said the total N884m dividend payment is subject to appropriate withholding tax.

“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” Mutallab said.

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

They must have completed the e-dividend registration and mandated the registrar to pay their dividends directly into their bank accounts.

An analysis of the financial statements showed that the Bank declared a Profit after Tax of N2.4bn in its audited financial results for the year 2019, showing an increase of 193 per cent from N834.4m recorded in the corresponding period of 2018.

The Bank also declared a 135 percent increase in Profit Before Tax for the period under review from N879.7m recorded in 2018 to N2.1bn in 2019.

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

Speaking at the AGM, the Managing Director Hassan Usman said the progress the Bank recorded in 2019 was broad-based.

He said: “We have equally tackled our efficiency base, with the consequent reduction in our cost-income-ratio from 87.28 per cent in 2018 to 80.21 per cent in 2019.

“We have equally delivered stronger Return on Equity 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.