New Telegraph

Shareholders endorse Jaiz Bank‘s N883.9m dividend

Shareholders of Jaiz Bank Plc have approved a total dividend of N883.9 million, representing three kobo per share for the 2020 financial year at the 9th Annual General Meeting held in Abuja, yesterday. Speaking at the AGM, Chairman of the bank, Alhaji (Dr.) Umaru Abdul Mutallab, said the bank worked assiduously towards ensuring that the dividend payment was made to the shareholders to meet their aspirations. He added that despite the challenging economic environment that was aggravated by COVID-19, Gross Earnings rose by 33 per cent from N14.70 billion in 2019 to N19.60 billion in 2020.

According to the audited financial results for the 2020 financial year, Jaiz Bank Plc recorded a profit before tax of N3.10 billion, a 45 per cent increase over the N2.11 billion recorded in the previous year. Similarly, there was an increase in the profit after tax from N2.44 billion in the preceding year to N2.90 billion for the year ended December 31, 2020, which reflects the continuous growth in profitability witnessed by the bank over the last three years.

Similarly, the bank’s total assets during the year under review grew to N233.66 billion as against N167.33 billion realised in the previous year, representing a 40 per cent growth. Earnings per share increased from 8.29 kobo in 2019 to 9.85 kobo in 2020, while return on equity for the year under review stood at 17 per cent, securing a place for the bank among the top four quoted banks with the highest return to shareholders in the country.

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