Nigeria’s foremost non- interest bank, TAJBank Limited reported a profit before tax (PBT) of ₦11.3 billion in its 4th year of operations.
The bank’s Founder/Chief Executive Officer (CEO), Mr. Hamid Joda, on Monday said this is the best in the non-interest lending sub-sector of the banking industry in the year. He said that the PBT represented a 122.65 per cent increase over the ,₦5.08 billion PBT it reported in 2022.
Joda said that the bank had earlier received the Payment Card Industry Data Security Standard (PCI DSS) certification in recognition of its globally recognised information security standards in all areas of its operations.
“It also recorded 149.13 per cent growth in gross earnings from ₦17.323 billion in 2022 to ₦43.157 billion in 2023.
“In the year under review, TAJBank also recorded other remarkable feats in its financial results, with the balance sheet figures surging by over 144 per cent from ₦212.021 billion in 2022 to ₦518.335 billion in 2023 financial year.
“Similarly, the bank, which a few weeks ago won the Islamic Finance News’ (IFN) Best Islamic Bank in Nigeria 2023”
“A further analysis of the non-interest, innovation-driven bank showed that its gross deposits grew by over 128 per cent in 2023 from ₦161.958 billion in 2022 to ₦369.337 billion despite the serious whirlwinds in the economy,” Joda said.
“It also surpassed analysts’ forecasts by boosting its shareholders’ funds during the year from ₦19.535 billion in 2022 to ₦41.825 billion in 2023, representing 114.10 per cent increase year-on-year.
He added that TAJBank had also incentivised its shareholders by raising its earnings per share from ₦31.06 kobo in 2022 to ₦65.40k per share, indicating 114.56 per cent improvement in the return on investment for the shareholders.
“Our appreciation also goes to our customers, who are consistently appreciating that our only interest is to offer them excellent products and services at all times,” he said.
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