Nigerian banking executive Umaru Abdul Mutallab will earn $291,908 (N120 million) in dividends from his stake in the Nigerian non-interest bank, Jaiz Bank Plc.
Jaiz Bank is Nigeria’s first non-interest bank operating under Islamic banking principles. Its market capitalization on the Nigerian Stock Exchange is $43.10 million (N17.68 billion).
The leading non-interest bank operates 27 branches in Nigeria and provides regular ATM service, as well as online, mobile and SMS banking services to customers.
At the end of the 2020 financial year, the bank saw 33-percent growth in gross earnings from $35.81 million (N14.70 billion) in 2019 to $47.75 million (N19.60 billion) in 2020, despite the harsh economic conditions and the disruption caused by the COVID-19 pandemic.
In line with the growth in gross earnings, the bank’s profit after tax surged by 19 percent from $5.94 million (N2.44 billion) in 2019 to $7.10 million (N2.90 billion) in 2020 after paying taxs of $397,100 (N163 million).
The bank’s assets rose by 40 percent to $567.02 million (N233.59 billion) on the back of a 54-percent rise in financing and investment assets and a 38-percent growth in deposits.
This resilient financial performance made the bank’s board approve the payment of $2.15 million (N883.9 million) as a final dividend to shareholders for the period ending Dec. 31. 2020.
The dividend translates to a payment of $0.000073 (N0.03) on all 29,464,250,000 issued ordinary shares of the bank.
Mutallab is the chairman of Jaiz Bank and the largest individual shareholder in the financial services provider, with a total stake of 4-billion ordinary shares.
His equity position in Jaiz Bank qualifies him to earn a dividend of $291,908 (N120 million) from the bank’s 2020 profits.
