Jaiz Bank, the pioneer non-interest bank in Nigeria, held its 11th Annual General Meeting in Kano on 27th July 2023 which was well attended by its stakeholders and general public.
The Bank reported impressive growth across its key financial indicators despite challenging operating environment. Its revenue increased substantially by 29% on annual terms and income also rose sharply by 33% the highest in many years.
Profit after tax inched up by 68% while the balance sheet size jumped by 36% compared to previous year. Customers’ deposits (an important source of fund) expanded during the year under review to N291.5 billion representing a growth of 37%.
In the past 3 years, the Bank has declared annual dividend which in 2022 grew by 25% to 5 kobo per share compared to a year ago. The share price of the Bank has crossed 1 Naira for the first time since its inception and has 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).
During the AGM, the shareholders approved 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. 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.
At the AGM, the shareholders 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 authorized to do all things necessary to give effect to the resolution.
The shareholders expressed their thanks and 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.
During the year under review, the Bank moved its headquarters from Kano House in Central Business District to Jaiz Bank House in Area 3 Garki.
The Bank 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.
