…Appoints Indimi, Kolawole to strengthen board
Jaiz Bank Plc, Nigeria’s pioneer non-interest bank, has announced a remarkable 108.99 percent growth in its profit after tax (PAT), reaching N23.48 billion for the full year ended December 31, 2024; more than double the N11.05 billion reported in 2023.
The bank’s audited results, released in a statement on Saturday, reflect robust performance across financial indicators, with gross earnings soaring by 86.5 percent to N82.87 billion, up from N44.4 billion in the previous year.
Buoyed by strong income from both financing contracts and investment activities, Jaiz Bank recorded a 159 percent surge in investment income to N44.36 billion, compared to N17.16 billion in 2023.
Financing contracts also contributed N32.04 billion, representing a 17 percent rise from N27.36 billion the year before.
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Total assets surged past the N1 trillion milestone for the first time, closing 2024 at N1.08 trillion, a significant leap from N580.13 billion in 2023.
This growth was largely driven by a 129.7 percent increase in Sukuk investments to N349.6 billion, and a sharp rise in customer deposits to over N493.69 billion, up from N224.46 billion.
The bank also recorded improvements in profitability and efficiency indicators.
Its Return on Equity (ROE) climbed to 34.21 percent in 2024 from 28.12 percent, while Return on Assets (ROA) increased to 2.26 percent from 1.91 percent.
Capital adequacy ratio rose to 23.87 percent, and liquidity ratio improved to 47.35 percent, both indicating a strong financial position.
As a reward to shareholders, the Board has proposed a 7 kobo dividend per share for 2024, a 75 percent increase over the 4 kobo declared in the previous year.
Commenting on the performance, Dr. Haruna Musa, Managing Director and CEO, said the results reinforce Jaiz Bank’s resilience and its mission to lead ethical banking in Africa.
“Despite the challenging operating environment, the Bank continues to enhance its performance across all indices, recording significant growth in both financial and non-financial metrics,” he said.
He added that the Bank remains focused on innovation and customer satisfaction:
“We remain on track to become the leading ethical bank in Africa. We will continue to focus on strengthening our relationships with our customers while attracting new ones, supporting not just individuals and businesses but also our communities through digital platforms and innovative products and services.”
“We are confident in our journey to lead the future of ethical finance in Africa and will not relent in our commitment to excellence while delivering long-term value to all stakeholders,” he concluded.
Meanwhile, the bank also announced the appointments of Ahmed Mohammed Indimi as a Non-Executive Director and Nike Kolawole as an Independent Non-Executive Director, in a move it said would bolster its leadership and strategic direction.
Indimi, an entrepreneur and Head of Crude Marketing at Oriental Energy Resources, brings deep insight into Nigeria’s energy sector.
A graduate of American InterContinental University, Atlanta, he is expected to contribute significantly to the Bank’s growth through strategic engagement and sectoral experience.
Kolawole, a finance expert with global banking experience at Merrill Lynch, Citibank, Goldman Sachs, and Credit Suisse, most recently served as Group General Manager at the Nigerian National Petroleum Corporation (NNPC).
She brings to the board a track record of capital mobilization, asset management, and infrastructure finance.
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Speaking on the appointments, Mohammed Mustapha Bintube , Chairman of the Board said, “We are delighted to welcome Ahmed Indimi to the Board of Jaiz Bank. His commercial acumen, sectoral knowledge, and long-term view on investment and governance will be a great asset.”
He added, “We are honoured to welcome Nike Kolawole as well. Her exceptional expertise, integrity, and strategic insight will be invaluable as we continue to drive our mission of providing ethical, inclusive, and value-based banking in Nigeria and beyond.”
The appointments, which have received regulatory approvals, underscore Jaiz Bank’s commitment to strengthening its governance and aligning leadership with its long-term vision of ethical banking and inclusive growth.
With sustained financial growth, enhanced corporate governance, and a growing customer base, Jaiz Bank is positioning itself not just as Nigeria’s leading non-interest bank, but as a continental force in ethical finance.
