Nigeria’s fastest growing non-interest banking services provider, TAJBank recorded N6.019 billion profit as of the end of June 2023.
The bank announced in a statement that its latest financial feat was achieved barely six months after it set an industry record of paying dividends to shareholders for the 2022 financial year, barely three years into its commencement of banking services.
A further analysis of the audited financial statement in H1 2023 showed that its total assets rose from N212.021 billion in December 2022, to N335.017 billion at the end of June 2023, indicating a 58 per cent increase.
Its gross earnings increased by 67 per cent, from N136.149 billion at the end of December 2022 to N227.031 billion as of the end of June 2023.
Other highlights of the bank’s scorecard in the first half of the year also showed that financing significantly increased by 62 per cent from N78.235 billion recorded as of December 2022, to N126.725 billion in H1 2023; the deposits base surged to N251.250 billion from N161.958 billion as of December 2022; while its total equity grew by 88 per cent from N19.135 billion in December 2022, to N36.706 billion as of H1 2023.
Speaking on the bank’s performance, the founder and chief executive of the bank, Mr. Hamid Joda, attributed the feat to the increasingly proactive strategies being adopted by the management to respond to emerging trends in non-interest banking and deployment of the right resources, especially the well-trained personnel, to meet the expectations of the bank’s customers.
“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.
“To demonstrate our commitment to this customer-friendly corporate slogan, we are investing in world-class technologies and digital payment solutions in our services nationwide. Also, in pursuit of our non-interest financial inclusion drive, we have also opened five branches this year and plan to open more in other states in the next few months,” Joda assured.
For his part, the co-founder/executive director of the bank, Mr. Sherif Idi, attributed the successes to the bank’s shareholders and customers.
“Our thanks go to our growing customers and shareholders whose belief in our vision and capacity to drive TAJBank to the leading edge of market competition has taken us this far,” he said and assured 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.”
