Jaiz Bank has expressed satisfaction with its financial performance of crossing the One trillion Naira threshold in total assets, which improved from N580bn in 2023 to N1.08trn in 2024 a significant growth of 86%.
The pioneer non-interest bank’s profit before tax grew from ₦11.05bn in 2023 to N24.44bn in 2024 an increase of 121% .
The Managing Director/CEO of the Bank, Haruna Musa disclosed this after the successful conclusion of their 2024 Annual General Meeting on Wednesday.
Musa said the Cost-to-Income Ratio improved to 60.42% from 65.26%, reflecting enhanced efficiency in their operations, while customer deposits grew remarkably by 94% to ₦904bn, demonstrating increasing public confidence in Jaiz Bank.
He also pointed out that ‘Capital Adequacy Ratio strengthened to 23.87% from 17.96%, which further reinforced the stability and soundness of the bank, Net risk assets and investments rose by 88% to ₦671 bn, while our Statutory Liquidity Ratio improved to 47.35% from 37.24%.’
In addition, Gross earnings grew by 75%, rising to ₦82.87bn in 2024 from ₦47.24bn in 2023.
The managing director posited that ‘These achievements underscore our unwavering commitment to delivering sustainable value, promoting ethical banking, and supporting Nigeria’s economic development.’
Musa further noted ‘Our results reflect not only the resilience of our business model, but also the trust and confidence reposed in us by our shareholders, customers, and stakeholders’.
