Jaiz Bank Plc, Nigeria’s premier non-interest bank, has earmarked N884 million to pay its first dividend to shareholders. The approved dividend payment is N0.03 kobo per 50 kobo ordinary share for the year ended 2019.
At its 8th Annual General Meeting (AGM) held at the Bank’s Head Office in Abuja yesterday, Chairman of the bank, Umaru Abdul Mutallab, said the N884 million dividend payment was subject to appropriate withholding tax. He said: “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 years, God willing” Mutallab said.
The payment will be made electronically to shareholders whose names appear in the Register of members as at June, 26, 2020. They must have completed the e-dividend registration and mandated the registrar to pay their dividends directly into their bank accounts.
The bank declared a profit after tax of N2.4 billion in its audited financial results for the year 2019, showing a surge of 193 percent from N834.4 million recorded in the corresponding period of 2018. The bank also declared a 135 percentage increase in profit before tax for the period under review from N879.7 million recorded in 2018 to N2.1 billion as at 2019. Highlights of the audited financial statement showed that gross income grew by 80 percent to N13.5 billion in 2019, from N7.5 billion recorded in 2018, while total assets gained 54 percent to N167.27 billion in 2019 from N108.46 billion recorded in 2018.