The performance indicators were released during its 11th
Annual General Meeting held in Kano yesterday, which was well attended by its
stakeholders and general public.
The bank’s financial results showed that profit after tax
inched up by 68 per cent while the balance sheet size jumped by 36 per cent
compared to previous year. Customers’ deposits — an important source of fund—
expanded during the year under review to N291.5 billion representing a growth
of 37 per cent.
In the past three years, the Bank has declared annual
dividend which in 2022 grew by 25 per cent to 5 kobo per share compared to a
year ago. The share price of the Bank has crossed N1 for the first time since
inception and has nearly doubled at the time of reporting.
This is reflective of changing investment landscape and
investors’ appetite for responsible investing — the cynosure of Islamic Bank.
During the AGM, the shareholders approved the appointment of
a new Chairman of the Board of Directors, Mohammed Mustapha Bintube, a veteran
Islamic banker and the pioneer MD of the Bank. Other appointees were Hadi
Mutallab, a non-Executive Board member and AlHassan Abdulkarim, Executive Director, Business Development
North.
Two Independent Non-Executive Directors were re-elected for
another three years term namely Aisha Umar and Dr. Abdullateef Bello.
At the AGM, the shareholders passed an ordinary resolution
on private placement of 10,048,237,955 ordinary shares and rights issue of
5,410,589,668. The directors were authorized to do all things necessary to give
effect to the resolution.
The shareholders expressed their thanks and gratitude to
Alhaji Umar Mutallab (former Chairman, Board of Directors) and Alhaji Falalu
Bello (former Non-Executive Director) — both were founding fathers of the Bank—
for their contribution to the growth and success of the Bank.
During the year under review, the Bank moved its
headquarters from Kano House in Central Business District to Jaiz House in Area
3 Garki. The Bank also adopted a new 5-year strategy (2022-2027) with four
strategic pillars — diversification, digitalisation, inclusive growth and
sustainability. The strategy is designed to reposition the Bank and help it
sustain its competitive and comparative edge.
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