Jaiz bank’s total assets hit N1.08 trn

Foremost non interest financial institution, Jaiz Bank has announced that its total assets expanded significantly by 86%, reaching ₦1.08 trillion. Managing Director of Jaiz Bank Plc, Dr. Haruna Musa, disclosed this at the end of the 2024 Annual General Meeting of the bank held Wednesday held in Abuja where the Bank also declared a dividend […]

Foremost non interest financial institution, Jaiz Bank has announced that its total assets expanded significantly by 86%, reaching ₦1.08 trillion.

Managing Director of Jaiz Bank Plc, Dr. Haruna Musa, disclosed this at the end of the 2024 Annual General Meeting of the bank held Wednesday held in Abuja where the Bank also declared a dividend of 7kobo per share to its customers after the Meeting.

According to the Jaiz Bank boss, the development, when compared to N580 Billion the previous year, marked a major milestone as it crossed the one-trillion-naira threshold.

 Sharing the success story with Journalists, Dr. Haruna Musa said the outstanding performance of Jaiz Bank for the year ended 31st December 2024 “reflect not only the resilience of our business model but also the trust and confidence reposed in us by our shareholders, customers, and stakeholders.”

According to him, “Gross earnings grew by 75%, rising to N82.87 billion in 2024 from N47.24 billion in 2023, adding that Profit before tax surged by 121% to N24.44 billion, up from N11.05 billion in 2023,”

He noted that Cost-to-Income Ratio improved to 60.42% from 65.26%, demonstrating enhanced efficiency in our operations.

He further said Customer deposits grew remarkably by 94% to N904 billion, reflecting increasing public confidence in Jaiz Bank, while Capital Adequacy Ratio strengthened to 23.87% from 17.96%, further reinforcing the stability and soundness of the institution.

He said, “Looking ahead, we remain committed to deepening financial inclusion, leveraging technology to serve our customers better and ensuring that Jaiz Bank continues to set the benchmark for non-interest banking in Africa”, he said.

He added that starting from September 1, the Bank will be launching its Mastercard which will give customers opportunity to do their transactions abroad.

He added that the Bank currently has 55 branches across the country and in thr next one yearz it intends tocross to the 100 mark and will want the Bank to be present in every state and all the major business areas.