Shareholders of Jaiz Bank Plc have approved a total dividend of N883.9 million, representing three kobo per share for the 2020 financial year.

Speaking at the bank’s ninth Annual General Meeting (AGM) in Abuja, its Chairman, Alhaji Umaru Abdul Mutallab, said the Islamic financial institution worked assiduously towards ensuring that the dividend payment was made to the shareholders to meet their aspirations.

He explained that despite the challenging economic environment that was aggravated by the COVID-19 pandemic, gross earnings rose by 33 per cent from N14.70 billion in 2019 to N19.60 billion in 2020.

Managing Director/Chief Executive, Jaiz Bank, Mr. Hassan Usman, said the bank had demonstrated financial resilience by remaining profitable during a tumultuous year.

He further assured stakeholders of the board’s commitment to continue to sustain the positive performance.

He said: “This sterling performance is reassuring and gives us confidence to pursue our vision to be the clear leader in ethical banking in sub-Saharan Africa.”

According to its audited financial results for the year under review, the company recorded a Profit Before Tax (PBT) of N3.10 billion, a 45 per cent increase over the N2.11 billion recorded in the previous year.

Similarly, Profit After Tax (PAT) increased from N2.44 billion in the preceding year to N2.90 billion in 2020, indicating a continuous growth in profitability over the last three years.

The bank’s total assets grew to N233.66 billion compared to N167.33 billion recorded in the previous year, representing a 40 per cent growth.

Similarly, earnings per share increased from 8.29 kobo in 2019 to 9.85 kobo in 2020, while return on equity for the year under review stood at 17 per cent, placing the bank among the top four quoted banks with the highest return to shareholders in the country.