Nigeria’s TAJBank Limited, a fast-growing and technology-driven non-interest banking services provider, has achieved remarkable milestones in the non-interest banking space during the first half of 2023. The bank’s performance has garnered attention for several key achievements.
TAJBank has emerged as the leader in Tier-1 capital within the non-interest banking sector, setting a new record for the sub-sector in the first six months of 2023. This impressive feat reflects the bank’s robust financial position and capital adequacy.
Additionally, TAJBank reported a substantial surge in its Profit Before Tax (PBT) for H1 2023, reaching an impressive N6.019 billion. This figure not only surpassed analysts’ projections but also positioned the bank as the top performer in the banking sub-sector.
These recent accomplishments come on the heels of a significant achievement in 2022 when TAJBank became the first Nigerian corporate entity to pay dividends to its shareholders, a feat no other bank had accomplished in over a century of banking in Nigeria. This remarkable success has solidified the bank’s reputation as a game-changer in the financial industry.
Earlier this year, TAJBank made history once again by becoming the first corporate entity in Nigeria to list the initial tranche of N100 billion Sukuk Bond on the Nigerian Exchange Limited (NGX), following a successful issuance.
A closer look at TAJBank’s latest audited financial statements for H1 2023 reveals a 58% increase in Total Assets, rising from N212.021 billion in December 2022 to N335.017 billion by the end of June 2023. Similarly, Gross Earnings witnessed significant growth, surging by 67% from N136.149 billion in December 2022 to N227.031 billion as of June 2023.
Furthermore, Financing showed a substantial increase, rising by 62% from N78.235 billion in December 2022 to N126.725 billion in H1 2023. Deposits base also saw substantial growth, reaching N251.250 billion, up from N161.958 billion in December 2022. The Total Equity of the bank experienced an impressive 88% growth, climbing from N19.135 billion in December 2022 to N36.706 billion in H1 2023.
TAJBank’s Founder and CEO, Mr. Hamid Joda, attributes the bank’s remarkable financial performance to proactive management strategies and the deployment of well-trained personnel who are dedicated to meeting the expectations of the bank’s customers. He emphasized the bank’s commitment to customer-friendly services and announced investments in world-class technologies and digital payment solutions to enhance services nationwide.
He said: “What I can say about TAJBank’s latest scorecard is that we have demonstrated that hard work pays. As we have maintained over the past three years, our interest is in our customers and we are pursuing this goal with all resources available to us to tell the whole world that “TAJBank is the way to go” in non-interest banking.
In alignment with their non-interest financial inclusion drive, TAJBank opened five branches in the current year and plans to expand further by opening more branches in various states in the coming months.
The bank’s Co-Founder and Executive Director, Mr. Sherif Idi, expressed gratitude to shareholders and customers, acknowledging their belief in the bank’s vision and capacity to excel in a highly competitive market. He assured stakeholders that TAJBank’s management and staff are committed to serving them better and protecting their interests in all operational a
“Let me assure them that TAJBank’s management and staff will continue to do its best to serve them better and protect their interests, which we value so much in all areas of operations”, the banker added.
TAJBank’s recent achievements underscore its position as a dynamic and innovative player in Nigeria’s non-interest banking sector, setting new standards for performance and customer service.