The dividend, when eventually paid, would be coming eight years after the commencement of operations of the first full-fledged non-interest bank in Nigeria.
Speaking during the seventh Annual General Meeting of the bank on Wednesday in Abuja, the Chairman, Jaiz Bank, Dr Umaru Mutallab, said while the board had tried to recommend the payment of dividend for the 2018 financial period, the regulators felt otherwise.
Specifically, Mutallab told the shareholders that the regulators of the bank were of the view that there was a need for Jaiz Bank to improve on some specific performance benchmarks.
He said some of the performance benchmarks included improvement in capital buffers and reduction in non-performing loans.
The chairman said the bank would work assiduously in the 2019 financial period to meet those regulatory requirements for dividend payment.
He said, “The board had tried to recommend the payment of dividend for the reporting period but the feedback from regulators meant it was not possible until we improve upon some specific performance benchmarks such as our capital buffers and reduction in non-performing risk assets.
“This year, we are working assiduously towards ensuring that the bank meets all those regulatory requirements for dividend payment in order to meet our aspirations of dividend payout to shareholders.”
Speaking on the outlook for the year, the Managing Director/Chief Executive Officer of the bank, Hassan Usman said, “We are poised to create a responsible business that best meets our customers’ needs and a culture where our employees put customers first.
“Being an exceptional institution with a humble beginning and optimistic outlook, the bank seeks to continuously redefine standards in all it does.
“As we look towards the actualisation of our current strategic plan, we shall remain ever committed to the development of Micro, Small and Medium Enterprises.”