Jaiz Bank Reports N23.48bn Profit in 2024

By Oluwakemi Kindness

Nigeria’s pioneer non-interest bank, Jaiz Bank Plc, has reported a profit after tax (PAT) of N23.48 billion for the full year ended December 31, 2024—representing a 108.99% increase from the N11.05 billion declared in 2023.

The bank disclosed this in its audited financial results, noting a strong performance across key financial and non-financial indicators. Gross earnings surged by 86.5%, rising to N82.87 billion** from N47.24 billion in the previous year.

Income from financing contracts stood at N32.04 billion, up by 17% from N27.36 billion in 2023, while income from investment activities grew significantly by 158.56% to N44.36 billion, compared to N17.16 billion in 2023.

Total assets for the year crossed the N1 trillion mark to hit N1.08 trillion, a notable 86.3% growth from N580.13 billion in 2023.

This expansion was largely driven by a 129.7% increase in Sukuk investments, which rose from N152.2 billion to N349.6 billion, and robust customer deposits which also recorded a remarkable increase.

Key profitability and efficiency ratios showed upward movement, with Return on Equity (ROE) rising to 34.21% from 28.12%, and Return on Assets (ROA) improving to 2.26% from 1.91% in 2023.

The bank’s Capital Adequacy Ratio (CAR) increased to 23.87%, while its liquidity ratio rose to 47.35%, further indicating strong financial health.

Speaking on the results, the Managing Director of Jaiz Bank, Dr. Haruna Musa, says the bank remains committed to leading the ethical banking space 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.

“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.”

In recognition of the strong performance, the management has proposed a dividend of N0.07 per share for 2024, up from N0.04 in the previous year.