Jaiz Bank’s profit surges to new heights: 109% increase

Jaiz Bank plc has recorded a 109 per cent increase in profit after tax for the year ended 31 December 2024, rising from N11.24bn in 2023 to N23.48bn.…

The bank’s profit before taxation more than doubled, reaching N24.44bn in 2024 compared with N11.05bn recorded the previous year.

Total assets of the bank surged by 86 per cent to N1.08 tn from N580.13 bn in 2023, while deposits grew by 94 per cent to N904.79 bn.

Jaiz Bank’s capital adequacy ratio improved to 23.87 per cent in 2024 from 17.96 per cent the previous year, reflecting strengthened financial stability.

The bank’s return on equity increased to 34.21 per cent, up from 28.12 per cent in 2023, while the return on assets rose to 2.26 per cent from 1.91 per cent.

Read also:Prof. Haruna Musa emerges as BUK’s 12th VC

Earnings per share stood at 66 kobo compared with 33 kobo in 2023. The board has proposed a dividend of seven kobo per share, up from four kobo paid the previous year.

Jaiz Bank also expanded its branch network from 43 to 51 offices and increased its staff strength to 878.

The bank’s cost-to-income ratio improved to 60.42 per cent from 65.26 per cent, indicating better efficiency in managing operating costs.

Gross earnings rose significantly to N82.87bn, driven by income from financing contracts and investment activities.