Shareholders of Jaiz Bank Plc, the premier non-interest bank in Nigeria, have approved a proposed dividend payment of N0.03 kobo per 50 kobo ordinary share for the year ended 2019, the first payment in 11 years.
According to a statement from the bank, the approval was at the bank’s 8th Annual General Meeting (AGM) held in Abuja.
The chairman of the bank, Alhaji Umaru Mutallab, said the total N884m dividend payment to shareholders whose names appear in the register of members as at 26th June, 2020, would be 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 (God willing)” Mutallab said.
To qualify for payment, a shareholder must have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their bank accounts.
The Bank declared a Profit After Tax (PAT) of N2.4 billion in its audited financial results for the year 2019, showing a growth of 193 percent from N834.4million recorded in the corresponding period of 2018.
Highlights of the audited financial statement showed that Gross Income grew by 80 percent to N13.5billion in 2019, from N7.5billion recorded in 2018, while Total Assets gained 54 percent to N167.27 billion in 2019 from N108.46 billion recorded in 2018
Speaking at the AGM, the Managing Director, Hassan Usman said the recorded progress in 2019 was broad-based apart from stronger Income Statement and Balance Sheet.
He said: “We have equally tackled our efficiency base, with the consequent reduction in our cost-income-ratio (CIR) from 87.28 percent in 2018 to 80.21 percent in 2019. We have equally delivered stronger Return on Equity (RoE) of 13.57 percent during the year (a significant increase of over 100 percent when compared with that of 2018).”