Shareholders of Jaiz Bank Plc, on Thursday, approved the bank’s first dividend of N885million since it commenced operations in 2012.
The approval was given at the bank’s 8th Annual General Meeting held at the Head Office in Abuja.
The N885million dividend approved by the shareholders translates into a dividend payout of N0.03 kobo per 50 kobo ordinary share for the 2019 financial period.
The Chairman, Jaiz Bank, Umaru Abdul Mutallab, said the total N885million dividend payment was subject to appropriate withholding tax.
“This dividend, despite being modest, signifies a lot to our Shareholders, Board and Management. We remain strongly committed to sustaining the tempo in the coming year, ” Mutallab said.
The payment will be made electronically to shareholders whose names appear on the Register of Members as of June 26, 2020.
They must have completed the e-dividend registration and mandated the registrar to pay their dividends directly into their bank accounts.
An analysis of the financial statements showed that the Bank declared a Profit After Tax of N2.4billion in its audited financial results for the year 2019.
This is an increase of 193 per cent when compared to the N834.4million recorded in the corresponding period of 2018.
The Bank also declared a 135 per cent increase in Profit Before Tax for the period under review, from N879.7million recorded in 2018 to N2.1billion in 2019.
Highlights of the audited financial statement showed that Gross Income grew by 80 per cent to N13.5billion in 2019, from N7.5billion recorded in 2018, while Total Assets rose by 54 per cent to N167.27billion in 2019 from N108.46billion recorded in 2018.
Speaking at the AGM, the Managing Director Hassan Usman, said the progress the Bank recorded in 2019 was broad-based.
He said, “We have equally tackled our efficiency base, with the consequent reduction in our cost-income-ratio from 87.28 per cent in 2018 to 80.21 per cent in 2019.
“We have equally delivered stronger Return on Equity of 13.57 per cent during the year, a significant increase of over 100 per cent when compared with that of 2018.”
He said the bank was strongly committed towards creating optimum value to all its stakeholders.
