Customer deposits of Jaiz Bank, the pioneer non-interest bank in Nigeria, grew by 37 per cent to N291.5 billion in 2022.
This is just as the Profit after tax inched up by 68 per cent while the balance sheet size also grew by 36 per cent compared to previous year.
This was contained in a statement by the bank at the end of its 11th Annual General Meeting held in Kano, on Thursday.
The bank disclosed that it had recorded impressive growth across its key financial indicators despite challenging operating environment.
According to the statement, its revenue increased substantially by 29 per cent on annual terms and income also rose sharply by 33 per cent, the highest in many years.
It further noted that unlike the past three years, when the Bank declared annual dividend which in 2022 grew by 25 per cent to 5 kobo per share compared to a year ago, the share price of the Bank had crossed 1 Naira for the first time since its inception and had nearly doubled at the time of reporting.
“This is reflective of the changing investment landscape and investors’ appetite for responsible investing (the cynosure of Islamic Bank),” a part of the statement read.
Highlight of the AGM was the approval of the appointment of a new Chairman of the Board of Directors, Mohammed Mustapha Bintube, a veteran Islamic banker and the pioneer MD of the Bank, by the shareholders.
Other appointees were Hadi Mutallab, a non-Executive Board member and Alhassan Abdulkarim, Executive Director, Business Development North.
Two Independent Non-Executive Directors were re-elected for another 3-year term, namely, Aisha Umar and Dr. Abdullateef Bello.
Meanwhile, shareholders also passed an ordinary resolution on private placement of 10,048,237,955 ordinary shares and rights issue of 5,410,589,668.
The directors were authorised to do all things necessary to give effect to the resolution.
The shareholders also expressed gratitude to Alhaji Umar Mutallab (former Chairman, Board of Directors) and Alhaji Falalu Bello (former Non-Executive Director) — both were founding fathers of the Bank— for their contribution to the growth and success of the Bank.
The bank also revealed that in the review period, its headquarters moved from Kano House in Central Business District to Jaiz Bank House in Area 3 Garki and that it also adopted a new 5-year strategy (2022-2027) with four strategic pillars — diversification, digitalization, inclusive growth and sustainability. The strategy is designed to reposition the Bank and help it sustain its competitive and comparative edge.
