Jaiz Bank to pay maiden dividend of ₦884mn to shareholders
Hassan Usman, Managing Director/Chief Executive Officer at Jaiz Bank Plc

Jaiz Bank to pay maiden dividend of ₦884mn to shareholders

Shareholders of Jaiz Bank Plc are to receive a total of ₦884 million dividend payment subjected to appropriate withholding tax.

The Chairman of the Bank Alhaji Umaru Mutallab disclosed this at the 8th Annual General Meeting (AGM) of the bank held via webinar on Thursday.

Abdul-Mutallab said the premier non-interest bank, had approved the Bank’s proposed first dividend payment of ₦0.03 kobo per 50 kobo ordinary share for the year ended 2019.

Jaiz Bank to pay maiden dividend of ₦884mn to shareholders

“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’s willing” Mutallab said.

Read also: Jaiz Bank Bolsters Performance as Profit Spikes 193% to ₦2.4bn

He stated that the payment will be made electronically to shareholders whose names appear in the Register of Members as at 26th June, 2020.

According to him, they must have completed the e-dividend registration and will mandated the registrar to pay their dividends directly into their bank accounts.

“The Bank declared a Profit after Tax of ₦2.4 billion in its audited financial results for the year 2019, showing a surge of 193 percent from ₦834.4 million recorded in the corresponding period of 2018.

“Jaiz also declared a 135 percentage increase in profit before tax for the period under review from ₦879.7 million recorded in 2018 to ₦2.1 billion as at 2019.

“Highlights of the audited financial statement showed that Gross Income grew by 80 per cent to ₦13.5 billion in 2019, from ₦7.5 billion recorded in 2018, while Total Assets gained 54 per cent to ₦167.27 billion in 2019 from ₦108.46 billion recorded in 2018”.

In his remarks, the Managing Director, Hassan Usman said the progress the lender recorded in 2019 was broad-based, apart from stronger Income Statement and Balance Sheet.

He said they had also tackled the bank’s efficiency base, with the consequent reduction in its Cost-Income-Ratio (CIR) from 87.28 per cent in 2018 to 80.21 per cent in 2019.

According to him, the bank delivered stronger Return on Equity (RoE) 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 is strongly committed towards creating optimum value to all its stakeholders.

Jaiz Bank to pay maiden dividend of ₦884mn to shareholders by Ogochi Ndubuisi

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