Jaiz Bank Plc, Nigeria’s pioneer non-interest bank, has recorded an impressive financial performance for the year ended December 31, 2024, posting a 109 per cent increase in its profit after tax. The bank’s net profit rose to N23.48 billion, up from N11.24 billion recorded in 2023.
According to the audited results released to the Nigerian Exchange, Jaiz Bank’s profit before tax more than doubled to N24.44 billion in 2024 compared to N11.05 billion the previous year, underscoring strong operational efficiency and revenue growth.
The bank’s total assets also saw a substantial increase, rising by 86 per cent to N1.08 trillion from N580.13 billion in 2023. Deposits grew significantly to N904.79 billion, reflecting a 94 per cent rise year-on-year, as more customers continued to embrace Islamic banking models for savings and investments.
In terms of financial stability, the bank’s capital adequacy ratio improved to 23.87 per cent in 2024, from 17.96 per cent in 2023, indicating a stronger buffer against risk and a more secure balance sheet. The return on equity (ROE) increased to 34.21 per cent from 28.12 per cent, while return on assets (ROA) also rose from 1.91 per cent to 2.26 per cent—demonstrating improved asset utilisation and profitability.
Earnings per share climbed to 66 kobo, double the 33 kobo posted in the previous year. As a result, the bank’s board has proposed a dividend of seven kobo per share, up from the four kobo distributed for 2023—rewarding shareholders for their confidence in the bank’s performance.
The bank also grew its physical footprint in 2024, expanding its branch network from 43 to 51 offices nationwide and increasing its staff strength to 878 employees. This expansion is part of Jaiz Bank’s strategy to deepen its reach and improve access to non-interest banking services across Nigeria.
Efficiency gains were also evident in the cost-to-income ratio, which improved to 60.42 per cent from 65.26 per cent, indicating better control over operating expenses relative to income generated.
Gross earnings rose to N82.87 billion in 2024, fuelled primarily by strong growth in financing contracts and investment income. The bank’s focus on ethical banking and profit-sharing financial instruments continued to attract both individuals and institutional clients.
Jaiz Bank’s growth trajectory reflects the increasing appeal of Islamic banking in Nigeria, especially among customers seeking interest-free financial products that align with faith-based principles. The performance also positions the bank as a key player in the financial inclusion agenda, particularly in underserved areas.
Industry analysts say the results are a testament to Jaiz Bank’s sound corporate governance, strategic expansion, and increased market confidence. The bank has sustained strong momentum through digital innovation, operational efficiency, and disciplined risk management practices.
As the non-interest banking segment continues to gain traction in Nigeria and across Africa, Jaiz Bank’s latest financials demonstrate its readiness to consolidate its leadership position and deliver long-term value to customers and investors alike.
