Hassan Usman, MD Jaiz Bank

Jaiz Bank Plc, a non interest financial institution is targeting a profit after tax of N5.56 billion by 2021.

Mr Hassan Usman, the bank’s Managing Director, stated this at the company’s facts behind the figures shortly after it listed on the Nigerian Stock Exchange (NSE).

The bank introduced 29.46 billion shares of 50k each at N1.25 per share worth N36.83 billion.

Usman said that the bank’s profit after tax was expected to grow by N1.34 billion in 2017 financial year, N2.01 billion in 2018, N2.89 billion in 2019 and N4.05 billion in 2020.

Usman also said that the company was projecting to grow total income from N6.63 billion in 2017 to N16.19 billion in 2021.

He said the company had a dividend policy that strike a balance between retaining sufficient cash in the business to finance its organic growth strategy.

According to him, the policy also rewards its shareholders who have come a long way supporting the bank’s vision since its IPO in 2003.

“Based on our projection, we anticipate to having a payout ratio of not less than 50 per cent over our current plan period,” he said.

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,’’ he stated.

Dr Umar Abdul Mutallab, the bank’s Chairman, said the bank had gone through long struggle which according to him was over.

He noted that in spite being an Islamic bank, the financial institution was meant for all irrespective of religion, class or culture.

He called on Nigerians to embrace the non interest bank as they stand to gain a lot.

The News Agency of Nigeria  (NAN) reports that Jaiz Bank got its operating licence on Nov. 11, 2011.

The bank is the only fully fledged bank offering only non-intrusive banking services to the Nigerian market. (NAN)