Jaiz Bank Plc says its total assets rose by 86 per cent to ₦1.08 trillion in the 2024 financial year, crossing the ₦1 trillion threshold for the first time since inception.
Managing Director/Chief Executive, Dr. Haruna Musa, disclosed this on Thursday after the bank’s virtual Annual General Meeting (AGM), describing the feat as a reflection of strong performance and growing stakeholder trust.
“Our results underscore the resilience of our business model and the confidence reposed in us by shareholders, customers, and stakeholders,” Musa said.
According to him, the bank’s gross earnings grew by 75 per cent to ₦82.87 billion in 2024, up from ₦47.24 billion in 2023, while Profit Before Tax (PBT) surged by 121 per cent to ₦24.44 billion compared with ₦11.05 billion the previous year. The cost-to-income ratio improved to 60.42 per cent from 65.26 per cent, signalling better efficiency.
Customer deposits jumped 94 per cent to ₦904 billion, while the Capital Adequacy Ratio (CAR) strengthened to 23.87 per cent from 17.96 per cent. Net risk assets and investments rose by 88 per cent to ₦671 billion, with statutory liquidity ratio improving to 47.35 per cent from 37.24 per cent.
“These achievements reflect our commitment to delivering sustainable value, promoting ethical banking, and supporting Nigeria’s economic development. Going forward, we will deepen financial inclusion, leverage technology, and continue setting the benchmark for non-interest banking in Africa,” Musa added.
He also said the bank would focus on expanding its retail base, enhancing visibility, driving innovation through digital growth and internationalisation, and refreshing its five-year strategic plan to meet evolving market conditions.
Chairman of Jaiz Bank, Mohammed Bintube, announced that the lender recently concluded a ₦10.5 billion private placement, raising its capital base to ₦28.7 billion—above the Central Bank of Nigeria’s revised minimum requirement of ₦20 billion.
“This demonstrates investors’ confidence in our business model and growth prospects. The additional capital strengthens our ability to finance large-ticket transactions and expand operations while maintaining healthy ratios,” Bintube said.
He described 2024 as a “watershed year,” stressing that Jaiz Bank’s performance had not only surpassed projections but also set new standards for ethical banking in Nigeria.
Bintube further revealed plans to expand into underserved markets and introduce specialised products for SMEs, agriculture, and infrastructure, while assuring stakeholders of enhanced governance and compliance.
“The journey is far from complete. The years ahead will bring new challenges and opportunities, but we remain confident in our ethical foundation, strong performance, and dedicated team to navigate the future successfully,” he added.
