We’re N1.3Bn Away From Meeting CBN Recapitalisation Target -Jaiz Bank MD
By Sunday Etuka, Abuja
The Managing Director of Jaiz Bank, Haruna Musa has disclosed that the bank is N1.3 billion away from meeting the Central Bank of Nigeria (CBN)’s recapitalisation target of N20billion.
Musa who disclosed this during the bank’s Annual General Meeting (AGM) on Tuesday in Abuja said, the bank had raised the sum of N10.4billion through a private placement before the CBN’s announcement, bringing the bank’s total capital to N18.7 billion.
Meanwhile, the nation’s pioneer non-interest bank has again recorded impressive growth in key financial indicators in 2023 and expected to sustain and exceed this performance in 2024 and beyond.
The bank said, despite the challenging economic and financial environment in which it operates, it has consistently declared dividend annually.
The Chairman of the Board, Mohammed Mustapha Bintube stated that, as of the end of December 2023, the bank recorded a profit of over N11 billion which represented a growth of 67% over previous year of 2022.
He further stated that the half-year 2024 results were quite impressive, saying the results under review had already exceeded the Bank’s full-year profit for 2023.
During the AGM, the Board Chairman said “We have consistently paid dividends to our shareholders over the years and we will continue to improve the amount of dividends we will pay to our shareholders over the coming years’.
He further hinted that the Bank will continue to leverage its digital channels to improve customer experience and services: “These days, our customers mostly use our digital and electronic channels to conduct their various banking transactions,” the Chairman stated.
Meanwhile, while appreciating the customers, he said, ‘We thank our loyal and supportive customers for their continued patronage and looking forward to a deepened mutually beneficial relationship’.
Due to regulatory requirements, a number of directors who have reached a maximum of 12 years on the board retired during the year. While applauding the outgoing Directors of the Bank, Bintube affirmed that their legacies would linger for generations to come.
In a similar note, the Board Chairman commended the effort of retired members of the Advisory Committee of Experts (ACE) for contributing towards the success of the Bank.
According to Bintube, “To our present and pioneer staff, whose sweat and toil, helped create and grow the bank, we say thank you very very much.”
The Chairman also asserted that the Bank is committed to making Jaiz Bank the most successful ethical Bank, not only in Nigeria, but the entire African continent.
