Abubakar Siddiq Ibn Usman
Barbara Bako, Abuja.
Jaiz Bank Plc has recorded its strongest financial performance yet, crossing the N1 trillion asset threshold and more than doubling its profit before tax in the 2024 financial year.
Speaking after the bank’s Annual General Meeting (AGM) held in Abuja on Wednesday, the Managing Director, Dr. Haruna Musa, said the results reflected both the resilience of the bank’s non-interest business model and the growing confidence of shareholders and customers.
According to him, gross earnings rose by 75 per cent to N82.87 billion in 2024, compared to N47.24 billion in 2023.
Profit before tax surged by 121 per cent to N24.44 billion, up from N11.05 billion the previous year.
The bank’s total assets grew by 86 per cent to N1.08 trillion from N580 billion, while customer deposits climbed by 94 per cent to N904 billion, underscoring rising public trust in Jaiz Bank’s operations.
“We crossed a major milestone in 2024, not only in profitability but also in scale. Our asset base now stands at N1.08 trillion, a testament to the growing relevance of non-interest banking in Nigeria,” Musa said.
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Key financial indicators also showed marked improvement and the bank’s Cost-to-Income Ratio dropped to 60.42 per cent from 65.26 per cent, while its Capital Adequacy Ratio strengthened to 23.87 per cent from 17.96 per cent. Statutory Liquidity Ratio improved to 47.35 per cent compared to 37.24 per cent in 2023.
Dr. Musa reaffirmed the bank’s focus on deepening financial inclusion and deploying technology to enhance customer experience.
“We remain committed to promoting ethical banking and contributing to Nigeria’s economic development. Our goal is to set the benchmark for non-interest banking in Africa,” he added.
The Managing Director expressed appreciation to shareholders, regulators, and customers for their continued support, assuring them that the bank is poised for even greater success in the coming years.
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Rabiu M. Hamza
Agency News
