Jaiz Bank Plc, Nigeria’s pioneer non-interest financial institution, has reported a strong financial performance for the full year ended December 31, 2024, posting a profit after tax of N23.48 billion. This represents a remarkable 109% growth compared to the N11.05 billion recorded in 2023.
In a statement announcing its audited results, the Bank highlighted significant improvements across key financial and operational metrics, reflecting the successful execution of its growth strategy.
Gross earnings rose by 86.5% to N82.87 billion in 2024, up from N47.24 billion in the corresponding period of 2023. Income from financing contracts also climbed by 17% to N32.04 billion, compared to N27.36 billion in the previous year. Meanwhile, income from investment activities surged by an impressive 158.6%, reaching N44.36 billion from N17.16 billion in 2023.
The Bank’s balance sheet crossed a historic milestone, with total assets surpassing the N1 trillion mark. Total assets stood at N1.08 trillion in 2024, representing an 86.3% growth from N580.13 billion reported in 2023. This growth was largely driven by a 129.7% increase in Sukuk investments, which rose to N349.6 billion from N152.2 billion, and strong customer deposit growth. Customer current account deposits rose to N493.69 billion in 2024, from N466.57 billion in 2023.
Jaiz Bank’s profitability and efficiency ratios also reflected positive momentum. Return on equity improved to 34.21% in 2024 from 28.12% in the previous year, while return on assets grew to 2.26% from 1.91%. The Bank’s Capital Adequacy Ratio (CAR) rose to 23.87%, up from 17.96% in 2023, while liquidity ratio strengthened to 47.35% from 37.24%.
Commenting on the performance, the Managing Director/CEO of Jaiz Bank, Dr. Haruna Musa, attributed the strong results to the Bank’s ethical banking model and commitment to customer satisfaction.
“Despite the challenging operating environment, we delivered solid performance across all metrics. Our diversified balance sheet and customer-focused approach have positioned us to compete effectively in the market,” Musa stated.
He added, “We remain on track in our journey to become Africa’s leading ethical bank. Our focus is on deepening customer relationships, expanding our reach, and supporting communities through innovative products and digital platforms.”
Reaffirming the Bank’s long-term commitment, Musa said, “We are confident in our ability to lead the future of ethical finance in Africa and remain dedicated to delivering sustainable value to all stakeholders.”
In line with its improved performance, the Bank’s Board of Directors proposed a final dividend of 7 Kobo per share for the 2024 financial year, an increase from the 4 Kobo per share paid in 2023, reflecting its commitment to rewarding shareholders.
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