Jaiz Bank Plc, Nigeria’s pioneer non-interest bank, has announced a profit after tax (PAT) of ₦23.48 billion for the financial year ended 31 December 2024, marking a 108.99 per cent increase from ₦11.05 billion reported in 2023.
In a statement released by the Bank, it attributed the performance to growth across all financial and non-financial indicators, supported by a well-diversified and structured balance sheet.
The Bank reported gross earnings of ₦82.87 billion in 2024, reflecting an 86.5 per cent rise from ₦47.24 billion recorded in the corresponding period of 2023.
Income from financing contracts rose by 17 per cent to ₦32.04 billion, up from ₦27.36 billion in 2023, while income from investment activities surged by 158.56 per cent to ₦44.36 billion in 2024, compared to ₦17.16 billion in 2023.
Total assets crossed the ₦1 trillion threshold, reaching ₦1.08 trillion in 2024 — an 86.3 per cent increase from ₦580.13 billion in 2023. The growth was driven by a ₦349.6 billion investment in Sukuk, up from ₦152.2 billion in 2023, and ₦493.69 billion in customer current deposits, up from ₦224.46 billion in 2023.
The Bank also posted improvements in key performance ratios. Return on Equity (ROE) increased to 34.21 per cent in 2024, from 28.12 per cent in 2023, while Return on Assets (ROA) rose to 2.26 per cent from 1.91 per cent in the previous year.
Capital Adequacy Ratio (CAR) improved to 23.87 per cent, from 17.96 per cent in 2023, while the Liquidity Ratio increased from 37.24 per cent to 47.35 per cent.
Commenting on the performance, the Managing Director of Jaiz Bank, Dr Haruna Musa, said the Bank was positioned to compete effectively and deliver ethical, customer-focused services.
“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,” he said.
“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,” he added.
“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,” he stated.
The Bank’s management has proposed a dividend payout of ₦0.07 per share for the 2024 financial year, up from ₦0.04 per share in 2023.
PIAK