TAJBank posts N845m profit, records highest share yield in banking industry

According to a statement from the bank, the performance also lends credence to the success and market acceptance of the non-interest banking model.

TAJBank, Nigeria’s leading non-interest banking services provider, has recorded the highest earning per share (EPS) in Nigeria’s banking industry with its shareholders earning N11.82 per share, representing an appreciation of 1,182 per cent on every N1 investment by them in the financial year 2020.

This is even as the lender reported N845 million Profit After Tax (PAT) in its first year of operations ending December 2020 with its assets growing by 443 per cent during this entry period.

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According to a statement from the bank, the performance also lends credence to the success and market acceptance of the non-interest banking model.

The bank’s impressive scorecard was posted during the financial year amid the devastating impact of the COVID-19 pandemic on the global, and particularly Nigeria’s economic landscape.

TAJBank’s financial statements, already approved by the monetary authorities, indicated that the lender, which had achieved its breakeven mark barely nine months after it debuted in the non-interest banking terrain, grew its total assets from N9.2 billion in 2019 to N50 billion in 2020, representing a 443% increase and a remarkable growth.

A further analysis of the ethical and value-driven bank’s financials showed 1,495% growth in its deposit base showcasing the lender’s capacity to thrive in the non-interest banking sub-sector through innovation and efficient service delivery in the face of the COVID-19 triggered disruptions in the financial sector.

The bank has also grown its agency banking network (TAJExpress) to over 3,000 agents within its first year of operations.

Quite remarkably, at a time that electronic frauds are threatening the global banking system, TAJBank has guaranteed the safety of depositors’ and investors’ funds, recording no single incidence of fraud since its inception.

Commenting on the bank’s impressive performance in its maiden year and capacity to break even within nine months of operation, the founder and Chief Operating Officer, Mr. Hamid Joda, said: “Breaking even in nine months of operation is a laudable feat and we are appreciative of the enormous support and encouragement that we have received so far. We assure our customers that we will continue to explore the business landscape with a view to consistently deliver on our mission to provide the very best of products and services to our customers.”

The bank’s co-founder and Chief Marketing Officer, Mr Sherif Idi, also said: “In our business environment, creating products and services that fully resonate with our customers while addressing their needs is a priority.

“We are delighted with the satisfaction rate and feedback we have received so far on TAJBank, a thought leader in the increasingly dynamic non-interest banking sub-segment of the banking industry, and its numerous value-adding services to customers.