SHAREHOLDERS of Jaiz Bank Plc have approved the board’s proposal to raise the sum of N150 billion through equity and/or the issuance of Sukuk instruments either in full or in series.
The capital injection will among other things, boost the bank’s current expansion drive, especially in the digital frontline.
At the bank’s 10th Annual General Meeting (AGM), shareholders of Jaiz Bank also approved the payment of N1.38 billion as dividends for the 2021 financial year, representing 4 kobo per ordinary share of 50 kobo each.
The resolutions were unanimously agreed upon by the shareholders who expressed satisfaction over the bank’s performance for the period under review.
Speaking at the AGM in Abuja, Jaiz Bank Chairman, Alhaji Umaru Abdulmutallab, explained that the increase in the dividend payment followed its positive growth trajectory in recent years.
He said the perception of the Jaiz brand had continued to improve with the bank being “awarded the most-improved Islamic bank in the world by the United Kingdom-based GIFA for the second year in a row.”
According to him, “The future looks bright and fulfilling. The macroeconomic indices are projected to have an uptick as most of the economies have rebounded except for a few.
“As for us (Jaiz Bank), we will remain resolute in providing our customers better services in an efficient and delightful manner. Our digital roadmap will be judiciously executed in order to simplify our processes and engender employee productivity while optimising shareholders’ return.”
The bank’s audited financial results for the period ended showed a 43 per cent growth in Profit Before Tax (PBT) from N3.07 billion in 2020 to N4.37 billion in 2021.
This came on the backdrop of an increase of 31.76 per cent in Gross Income from N19.61 billion realised in 2020 to N25.84 billion.
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