Jaiz Bank lists N37bn worth of shares; projects 315% increase in after tax profit over 5-years

 

THE first non interest Bank in Nigeria, Jaiz Bank Plc has joined the league of quoted companies has it listed N36.830 billion worth of shares on the Nigerian Stock Exchange (NSE) in Lagos.
The specialized bank listed on the main board of the NSE by the way of introduction with 29.464 billion shares of 50 kobo each at N1.25 per share worth N36.83 billion.
Speaking at the listing of the shares on the Nigerian bourse, its Chairman, Dr. Umar Abdul Mutallab said the bank has gone through long struggle which according to him was over.
He noted that despite being an Islamic bank, the financial institution is meant for all Nigerians irrespective of religion, class or culture.
He called on the Nigerians to embrace the non interest bank as they stand to gain a lot from the bank.
The Managing Director, Jaiz Bank, Mr. Hassan Usman who also spoke at the listing ceremony in Lagos stated that said that the bank is targeting to grow profit after tax from N1.34 billion in a
2017 to N5.56 billion in 2021.
The profit after tax projection of the bank which is for five years between 2017 and 2021 will experience 314.48 per cent increase in it come to reality.
Usman also noted that the company is projecting to grow total income from N6.63 billion in 2017 to N16.19 billion in 2021.
He said the company have a dividend policy that strike a balance between retaining sufficient cash in the business to finance it’s organic growth strategy and rewarding it’s shareholders who have come a long way supporting the bank’s vision since its initial public offering in 2003.
“Based on our projection, we anticipate to have a payout ratio of not less than 50 per cent over our current plan period,” he said.
Speaking on core strategic pillars for actualisation of the financial projection, Usman said: “Our corporate plan outlines our way forward, with the strategies , priorities and activities we will focus on to achieve our financial goals.
“We have set out on a path of reinvention of the banking landscape in the country. Thus journey over the next few years will focus on changing how banks should operate to better improve the lots of the community, while delivering on their commitments to the investors. We are focused on building on our culture of ethics and taking the necessary business decisions to align our perspective with client expectations”.
In his own, the Chief Executive Officer of the NSE, Mr. Oscar Onyema said with large un-banked populations as well as established middle classes across the continent, which is home to numerous member nations of Organization of Islamic Countries, Africa has been openly touted as a target Islamic finance market.
According to him, the size of the Islamic finance industry is measured as hard assets held by institutions considered part of the Islamic finance industry.
Onyema however pleased that Jaiz Bank has taken strategic step to join the main board of the exchange, “the step that indicates that the firm’s belief that in spite of the economic challenges facing the nation, our platform remains veritable avenue for raising capital and enabling sustainable national growth.”
He commended Jaiz Bank board and management for the bold and strategic step they took to list the bank on the NSE.
Listing on the NSE today will not only showcase Jaiz Bank as an African champion, but will enable the bank position itself towards the actualization of its strategic vision of serving the Sub-Saharan Markets, Onyema said.