Jaiz Bank, Nigeria’s pioneer non-interest bank, logged a 28.4 per cent surge in net profit for last year, compared to 2024, on the back of a notable increase in revenue, its audited accounts issued on Friday showed.

Revenue for the financial institution, whose services span personal banking, corporate banking, agricultural finance, MSMES financing, trade finance, and special support facility, accelerated to N102.8 billion in the period from N82.9 billion.

Mohammed Indimi, philanthropist and founder of oil driller Oriental Energy Resources, holds the biggest stake (29.4 per cent) in the bank. Dangote Industries Limited and Jeddah-based Islamic Development Bank hold 6.9 per cent and 5.6 per cent interests in the institution respectively.

Income from financing contracts expanded by 31.3 per cent to N42.1 billion, while income from investment activities advanced to N56.7 billion from N44.4 billion, thanks to an increase in Sukuk and trading assets.

Impairment charges rose to N1.3 billion, marking a 734.2 per cent surge in the amount the bank put aside for the same purpose a year ago.

The board of directors has proposed a dividend of N0.11 per share, translating into a potential payout of N4.9 billion for the year. That represents a 57.1 per cent increase over the N0.07 per share it paid for 2024.

Return to equity investment accountholder went up 26.2 per cent to N26.9 billion. However, net fees and commission revenue dropped 40 per cent to N3.3 billion amid soaring electronic banking expense.

ALSO READ: Jaiz Bank joins global Islamic liquidity network as first African primary dealer

Foreign exchange loss stood at N226.4 million in contrast to a gain of N144.1 million a year ago, driven by foreign currency revaluation. Other operating income was up by 18.1 per cent at N1 billion.

Profit before tax jumped to N31.2 billion from N24.4 billion, while profit after tax increased to N30.2 billion from N23.5 billion.

The bank’s total assets grew by nearly one-fifth to N1.3 trillion, boosted by increased investment in Sukuk and due from banks and other financial institutions.

Jaiz Bank’s shares have recorded a 97.8 per cent yield so far this year.

Jaiz Bank profit increases by 28% as income grows

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