Shareholders increase Jaiz Bank capital to N25bn

Jaiz Bank
Jaiz Bank

Shareholders of Jaiz Bank have increased the bank’s authorised share capital from N15 billion to N25 billion.

This was one of the resolutions passed at the bank’s annual general meeting in Abuja on Wednesday

Hassan Usman, its Mnaging Director, said the bank had recorded lots of successes in five years and the bank was now well established.

According to him, these successes had manifested in the bank’s growth in its financial assets by 38 percent and strong deposit inflow by 30 percent.

Usman asserted that the figures were as a result of consistent and sustained focus on the needs of customers and employees.

He said the bank’s N343 million profits in 2016 was the culmination of the bank’s performance over the past 12 months and its customers’ loyalty formed over the years.

Usman added that the bank’s robust risk management system made the profit possible in this era when banks were shying away from lending to the real sector.

He said that Jaiz’s capital adequacy ratio of 33 percent had further improved and was comfortably three times above the current regulatory requirements of 10 percent.

Usman said that the future focus of the bank was on the retail market, adding that the bank would continue to support micro and small enterprises in its activities.

Alhaji Umaru Mutallab, Chairman, Jaiz Bank, said that 2016 was full of exciting developments for the bank starting from upgrading of the regional operating licence to a national one.

Mutallab noted that the Jaiz Bank also successfully raised its capital, and appointed a new substantive managing director.

He said that the bank would soon be listed on the Nigerian Stock Exchange.