Jaiz Bank’s assets cross N1trn as profit soars

Jaiz Bank Plc has recorded its strongest financial performance yet, with total assets surging past the ₦1 trillion mark for the first time in its history.

The Bank’s assets grew by 86 percent to ₦1.08 trillion as at December 31, 2024, up from ₦580 billion the previous year.

The impressive performance is also reflected in other key indicators, as Gross earnings rose by 75 percent, reaching ₦82.87 billion in 2024 compared to ₦47.24 billion in 2023, while profit before tax jumped by 121 percent to ₦24.44 billion from ₦11.05 billion the previous year.

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Managing Director of Jaiz Bank Plc, Dr. Haruna Musa, disclosed the figures on Wednesday while addressing shareholders after the Bank’s 2024 Annual General Meeting.

“I am delighted to share with you the outstanding performance of Jaiz Bank for the year ended 31st December 2024. Our results reflect not only the resilience of our business model but also the trust and confidence reposed in us by our shareholders, customers, and stakeholders,” Musa said.

The Bank also posted improvements in efficiency, with its Cost-to-Income Ratio dropping to 60.42 percent from 65.26 percent in 2023.

Customer deposits grew by 94 percent to ₦904 billion, underscoring growing public confidence in its non-interest banking model.

Further strengthening its financial position, Jaiz Bank’s Capital Adequacy Ratio rose to 23.87 percent from 17.96 percent, while net risk assets and investments expanded by 88 percent to ₦671 billion.

Its Statutory Liquidity Ratio also improved significantly to 47.35 percent from 37.24 percent.

“These achievements underscore our unwavering commitment to delivering sustainable value, promoting ethical banking, and supporting Nigeria’s economic development,” Musa noted.

Looking ahead, the Bank said it will continue to focus on deepening financial inclusion, leveraging technology to enhance customer service, and consolidating its position as a leading non-interest financial institution in Africa.

On behalf of the Board and Management, Musa expressed gratitude to shareholders, regulators, customers, and partners, assuring them that the Bank will “build on this momentum to achieve even greater success.”