Jaiz Bank Plc (NGX: JAIZBANK) has released its 2024 audited financial results for the period ended 31st December, 2024 growing its gross earnings by 75%.
The bank’s gross earnings surged to ₦82.87 billion in 2024, representing a 75% increase from ₦47.24 billion in 2023.
Jaiz Bank earned ₦5.47 billion in net fees and commissions income, nearly three times the ₦2.34 billion recorded in 2023. The income was primarily derived from:
- E-banking services (₦1.68 billion),
- Trade finance and letters of credit (₦3.19 billion),
- General banking services (₦1.15 billion).
The bank achieved a profit after tax of ₦23.48 billion, doubling the ₦11.24 billion recorded in 2023.
Earnings per share for 2024 rose to 66.38 kobo, up from 32.53 kobo in 2023.
The bank is yet to announce a final dividend for the period under review.
Jaiz Bank’s total assets rose sharply to ₦1.08 trillion in 2024 from ₦580.13 billion in the prior year — an 86% growth.
Similarly, total liabilities increased to ₦1.01 trillion in 2024, up from ₦540.82 billion in 2023. The growth was primarily attributed to rising customer deposits and onward financing, which supported asset expansion and revenue growth.
Major Components of Assets
- Financing Assets (Murabaha, Ijara, Istisna, and Inventory Finance): ₦289.31 billion
- Investment in Sukuk: ₦152.2 billion
- Cash and Balances with Central Bank of Nigeria (CBN): ₦173.4 billion
- Due from Other Banks: ₦31.05 billion
Major Components of Liabilities:
- Customer Current Deposits: ₦493.6 billion
- Investment Accounts (Mudarabah and Wakalah): ₦411.2 billion
- Onward Financing from Development Partners: ₦29 billion
- Other Liabilities (including accruals and deferred income): ₦73.9 billion
The share price of Jaiz Bank Plc closed at N3.18 per share on the Nigerian Exchange on Wednesday, 2nd July, 2025.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
