Nigeria’s premier and largest non-interest bank, Jaiz Bank Plc plans to raise about N5.41 billion from its shareholders as the alternative market leader seeks
plans to raise about N5.41 billion from its shareholders as the alternative market leader seeks to bolster its balance sheet to support rapid expansion.
The rights issue will be pre-allotted on the basis of 87 new ordinary shares for every 250 ordinary shares held as at last Friday. The bank’s balance sheet also emerged stronger, rising by 19.2 per cent to N452.8 billion in first half 2023 as against N379.8 billion in first half 2022. Deposit liabilities increased by 28.8 per cent from N299.4 billion recorded as at December 2022 to N375.3 billion in June 2023.
At its last Annual General Meeting recently in Kano, Jaiz Bank had increased dividend payable to shareholders by 25 per cent after the alternative bank grew net profit by 68.5 per cent. The 12-month report showed that gross earnings rose by 29.4 per cent from N25.84 billion in 2021 to N33.43 billion in 2022. Profit before tax grew by 59.5 per cent from N4.16 billion in 2021 to N6.63 billion in 2022. With tax writeback of N248.54 million in 2022, net profit, grew by 68.5 per cent from N4.08 billion in 2021 to N6.88 billion in 2022. Earnings per share increased by 39.13 per cent to 19.2 kobo in 2022 as against 13.8 kobo in 2021.
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