Delivering Consistent Value
for Our Shareholders.
Access earnings reports, SEC filings, investor presentations, and financial data for Najem Financial Corporation (NASDAQ: ZGBK). We are committed to transparent, timely communication with our investors and the financial community.
Market Cap
$28.4B
P/E Ratio
14.2x
Dividend Yield
2.8%
52-Week Range
$68.40 – $91.20
Full Year 2025
Financial Highlights
$48.2B
Total Assets
+8.4% YoY$1.2B
Net Income
+14.0% YoY12.4%
Return on Equity
+90 bps YoY$2.36
Dividend / Share
+9.3% YoY5-Year Financial Performance
Net Income ($M) / Revenue ($M) — 2020 to 2025
Financial Results
Quarterly Earnings
| Quarter | Revenue | Net Income | EPS | YoY Change |
|---|---|---|---|---|
| Q4 2025 | $3.84B | $312M | $0.94 | +14% |
| Q3 2025 | $3.71B | $298M | $0.90 | +11% |
| Q2 2025 | $3.62B | $285M | $0.86 | +9% |
| Q1 2025 | $3.55B | $278M | $0.84 | +8% |
| Q4 2024 | $3.37B | $274M | $0.82 | — |
Q4 2025 Highlights
Najem Financial delivered a record fourth quarter, with net income of $312 million representing a 14% increase over Q4 2024. The result was driven by strong net interest income growth, disciplined expense management, and continued momentum in fee-based revenue streams including wealth management and treasury services.
Net interest margin expanded 12 basis points to 3.18%, reflecting a favorable repricing environment for the loan portfolio and careful liability management. Total loans grew 9.2% year-over-year to $31.4 billion, led by commercial real estate, small business, and consumer home equity categories.
Asset quality remained excellent, with non-performing assets at 0.38% of total assets — near a decade low. The allowance for credit losses covers 1.8x non-performing loans, reflecting a conservative provisioning posture appropriate to current macroeconomic conditions. Full-year 2026 guidance calls for revenue growth of 6–8% and net income growth of 8–10%.
Full-Year Net Income vs. EPS
Annual 2021–2025
Shareholder Returns
Capital & Returns
Dividend Per Share 2018–2025
Annual declared dividend — 12 consecutive years of growth
Najem Financial's capital allocation strategy balances four core priorities: organic growth investment, dividend increases, share buybacks, and selective acquisition opportunities. This disciplined framework has enabled consistent shareholder value creation through multiple interest rate cycles and economic environments.
Our dividend has grown for 12 consecutive years, from $1.40 per share in 2018 to $2.36 per share in 2025 — a compound annual growth rate of 7.7%. The Board of Directors targets a payout ratio of 38–42% of earnings, balancing current income for shareholders with capital retention for growth. We increased the quarterly dividend by $0.06 per share in February 2026.
Our $500 million share repurchase program, authorized by the Board in January 2026, reflects our confidence in the long-term value of the franchise. We repurchased $180 million of shares in 2025 at an average price of $79.40, reducing diluted share count by approximately 2.3 million shares.
Our Common Equity Tier 1 (CET1) ratio stands at 12.8%, well above both regulatory minimums and our internal target of 11.5%. This capital strength provides significant flexibility to fund organic loan growth, absorb credit stress in adverse scenarios, and return capital to shareholders through dividends and buybacks without compromising financial stability.
Documents
SEC Filings & Reports
Why Invest
Investment Thesis
Consistent Growth
Najem Financial has delivered positive net income growth in 11 of the past 12 years, demonstrating resilience across interest rate cycles, a global pandemic, and credit stress periods. Our diversified revenue model — spanning net interest income, fee income from wealth management, treasury services, mortgage banking, and digital payments — reduces dependence on any single income source.
Loan growth has outpaced peers consistently, averaging 8.2% annually over the past five years. Our credit culture prioritizes quality over volume: non-performing loans have remained below 0.50% of total loans for six consecutive years, even through periods of economic stress that tested peer institutions.
Our 2025 return on equity of 12.4% compares favorably to the regional bank peer median of 10.8%. We target continued ROE improvement to 13.5%+ over the next three years through margin expansion, operating leverage, and capital efficiency improvements in our growing digital channels.
Strong Capital Position
Our CET1 ratio of 12.8% sits comfortably above the regulatory well-capitalized threshold of 6.5% and our internal target of 11.5%. This excess capital buffer provides flexibility to pursue organic growth opportunities, withstand credit stress scenarios modeled at 2x current provisioning levels, and continue returning capital to shareholders through dividends and buybacks.
Stress testing results consistently place Najem Financial in the top quartile of peer banks for capital resilience under severe macroeconomic scenarios. Our liquidity coverage ratio of 148% and net stable funding ratio of 124% both exceed regulatory minimums by a significant margin.
The balance sheet has been deliberately positioned to benefit from both rising and stable rate environments. Our asset sensitivity posture means that a 100 basis point parallel shift in rates would increase net interest income by approximately $82 million on an annualized basis, providing a natural hedge against monetary policy tightening.
Digital Transformation
Digital banking users surpassed 2.4 million in 2025, representing 63% of our active customer base and generating 71% of all transactions. Our mobile banking app has a 4.7-star average rating across 180,000 reviews, placing it among the top-rated banking apps in the region for user experience and feature depth.
Digital channel investment of $340 million over the past three years has produced measurable efficiency gains: cost per digital transaction is 82% lower than branch transactions, and digital account opening rates have grown 44% year-over-year, reducing customer acquisition cost while improving onboarding completion rates.
Our API-first architecture, completed in 2024, positions Najem Financial to integrate fintech partnerships, embedded banking solutions, and open banking capabilities at speed. We estimate that digital transformation investments will contribute an incremental $180 million in annual revenue by 2027 through new product categories and partner distribution.
Corporate Governance
Governance
Najem Financial's Board of Directors is composed of nine members, eight of whom are independent — a 89% independence rate that exceeds both exchange listing requirements and governance best practice guidelines. The Board is organized into four principal committees: the Audit and Risk Committee, the Risk Management Committee, the Compensation and Human Capital Committee, and the Nominations and Corporate Governance Committee.
Directors are elected annually by shareholders through a majority voting standard, ensuring ongoing accountability. The Board undergoes a rigorous annual self-evaluation process led by an independent external facilitator, and individual director performance is reviewed as part of the renomination process. Director tenure is managed actively, with a mandatory retirement age of 72.
Our Say-on-Pay vote received 94% shareholder approval in 2025, reflecting confidence in our executive compensation framework's alignment with long-term shareholder value creation. Performance-based compensation accounts for 70% of CEO total compensation, with metrics tied to ROE, EPS growth, total shareholder return, and ESG performance targets.
The Board has direct oversight of cybersecurity, climate risk, and technology risk — domains identified as material to the long-term sustainability of the franchise. The Risk Management Committee meets monthly to review enterprise risk metrics, stress test results, and emerging risk indicators.
Board & Governance Metrics
As of Annual Meeting 2025
| Board Size | 9 Directors |
| Independent Directors | 89% (8 of 9) |
| Women on Board | 44% (4 of 9) |
| Average Director Tenure | 6.2 years |
| Director Election Standard | Annual / Majority Vote |
| Say-on-Pay Approval | 94% (2025) |
| Audit Committee | 100% Independent |
| Separate Chair / CEO | Yes — Independent Chair |
Sell-Side Research
Analyst Coverage
The following analysts provide research coverage on Najem Financial Corporation (NASDAQ: ZGBK). Ratings and price targets are as of the most recently published research note. Najem Financial does not endorse or verify any analyst's opinions.
Morgan Stanley
Equity Research — Financial Institutions
Goldman Sachs
Equity Research — Banks
JPMorgan
Equity Research — Regional Banks
BofA Securities
Equity Research — Regional Banks
Barclays
Equity Research — Financial Services
Wells Fargo
Equity Research — Banks & Thrifts
Get In Touch
IR Contact & Upcoming Events
Thomas Reid
Head of Investor Relations
For analyst or institutional investor inquiries regarding quarterly results, guidance, or financial disclosures, please contact the Investor Relations team directly. We aim to respond within one business day.
Upcoming Events
Financial calendar — next 4 events
| Event | Date |
|---|---|
|
Q1 2026 Earnings Release Conference call 8:30 AM ET |
Apr 14, 2026 |
|
Annual Shareholder Meeting Dubai — Hybrid event |
May 12, 2026 |
|
Q2 2026 Earnings Release Conference call 8:30 AM ET |
Jul 15, 2026 |
|
Investor Day 2026 Dubai — In-person |
Sep 9, 2026 |
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