TAJBank reports 11.3bn profit as earnings surge by 149%

TAJBank Limited, Nigeria’s foremost non-interest bank, has reported a profit before tax (PBT) of N11.3 billion in its 4th year of operations.

According to the bank’s Founder and Chief Executive Officer (CEO), Mr. Hamid Joda, on Monday, this was the best non-interest lending sub-sector of the banking industry in the year.

Joda said that the PBT represented a 122.65 percent increase over the N5.08 billion PBT it reported in 2022.

He 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 percent growth in gross earnings from N17.323 billion in 2022 to N43.157 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 N212.021 billion in 2022 to N518.335 billion in 2023 financial year.

“Similarly, the bank, which a few weeks ago won the Islamic Finance News’ (IFN’s) “Best Islamic Bank in Nigeria 2023,”

”It also surpassed analysts’ forecasts by boosting its shareholders’ funds during the year from N19.535 billion in 2022 to N41.825 billion in 2023, representing a 114.10 percent increase year-on-year.

“A further analysis of the non-interest, innovation-driven bank showed that its gross deposits grew by over 128 percent in 2023, from N161.958 billion in 2022 to N369.337 billion, despite the serious whirlwinds in the economy,” Joda said.

He said that TAJBank had also incentivized its shareholders by raising its earnings per share from N31.06 kobo in 2022 to N65.40k per share, indicating a 114.56 percent improvement in the return on investment for the shareholders.

Joda attributed the sterling performance to the management’s proactive strategies and service delivery innovation being adopted to surpass customers’ expectations.

“We thank all our shareholders for their growing confidence in TAJBank’s board and management as the years roll by.

“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.

The bank’s co-founder and executive director, Mr. Sherif Idi, said that the key financial performance indicators of TAJBank clearly demonstrate that it has an irrepressible zeal for excellence in all areas of its operations.

“The 2023 financial results are clearly a testament to what we portray and who we are,” Idi said.