TAJBank reports N11.3bn profit, highest of non-interest banking

…Gross earnings surge 149%

Favour Okpale

TAJBank Limited, Nigeria’s fastest growing non-interest bank, has reported a profit before tax (PBT) of N11.3 billion in its 4th year of operations for the 2023 Financial Year.

This is the best profit reported so far in the non-interest lending sub-sector of the Nigerian banking industry.

The PBT of the multiple award-winning lender represented a 122.65% increase over the N5.08 billion which it reported in FY 2022.

The bank also recorded 149.13% growth in its gross earnings from N17.323 billion in FY2022 to N43.157 billion in 2023.

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In the year under review, its balance sheet figures surged by over 144% from N212.021 billion in FY2022 to N518.335 billion, the financial report shows.

Similarly, the bank, which, just a few weeks ago won the Islamic Finance News (IFN) “Best Islamic Bank in Nigeria 2023”, also surpassed analysts’ forecasts by boosting its shareholders’ funds from N19.535 billion in FY 2022 to N41.825 billion, representing 114.10% increase year-on-year.

A further analysis of the TAJBank’s 2023 financials showed that gross deposits grew by over 128% from N161.958 billion in FY 2022 to N369.337 billion despite the prevailing huge economic challenges.

Consequently, the bank raised its earnings per share from N31.06 kobo in FY2022 to N65.40k per share, indicating 114.56% improvement in the return on investment for the shareholders.

Commenting on the financial performance , Hamid Joda, who is the bank’s Founder/CEO, attributed the sterling performance “to the management’s proactive strategies and service delivery innovation being adopted.

This he said, has helped the bank surpass customers’ expectations and demonstrates widely, that its several awards, including by BusinessDay newspaper as well as other recognitions by brand experts and analysts as re-defining non-interest banking values are well-deserved.

“As we want to 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”, Joda noted.

In his remarks, Sherif Idi, TAJBank’s Co-Founder/ Executive Director, stated: “Let me say that these key financial performance indicators of our bank clearly demonstrate that TAJBank has an irrepressible zeal for excellence in all areas of its operations.

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“The 2023 financial results are clearly a testament to what we portray and what we are really indeed”, the banker added.

One of the bank’s several achievements include a Payment Card Industry Data Security Standard (PCI DSS) certification in recognition of its globally recognized information security standards in all areas of its operations.