• Thursday, March 28, 2024
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TAJBANK returns more value for shareholders than its peers in 2020

TAJ Bank adopts Sopra Software for service optimisation

TAjbank, one of Nigeria’s leading noninterest lenders has reported more value for its shareholders than most payers in the country’s financial services industry in 2020.

The Abuja-based lender recorded N11.82 earnings per share (EPS), an indicator of a company’s profitability. This represents 1,182 percent appreciation on every N1 invested by shareholders in the financial year ended December 2020.

With a remarkable performance in its first year of operation, TAJBANK through its positive result reflects the management’s superior financial competencies to create sustainable value for its various stakeholders.

Growing its income to N2.89 billion in the review period, the bank’s performance may have been a result of the success and market acceptance of its noninterest banking model.

“The feat is indicative that in this short period of business operations we have received such a massive amount of support and encouragement from various bodies and individuals,” Founder and Chief Operating Officer, Hamid Joda, said.

Despite the impact of COVID-19 pandemic on Nigeria’s economic activities, TAJBANK reported N845.6 million Profit After Tax (PAT) in 2020 from a low base of N27.1 million the previous year.

Read Also: Who says Nigerians don’t pay taxes?

Already approved by the monetary authorities, Tajbank’s 2020 financial statements indicate that the lender, which made an appearance barely nine months after it debuted in the non-interest banking terrain, grew its total assets by 443 percent, from N9.2billion in 2019 to N50 billion in 2020.

“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,” Joda said.

Analysis of the bank’s financials for the review year showed that it grew its deposits by 1,495 percent, an indication of 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 induced disruptions in the financial services industry. The Bank has also grown its agency banking network (Tajexpress), to over 3,000 agents within its first year of operations.

Recording no incidence of fraud since its inception, TAJBANK made history, especially at a time when electronic frauds are threatening the global banking system. The bank has guaranteed the safety of depositors’ and investors’ funds, and it seems to be keeping to its promise.

“We assure our customers that we will continue to explore the business landscape to consistently deliver on our mission to provide the very best of products and services to our customers”, Joda said.

According to the bank’s Cofounder and Chief Marketing Officer, Sherif Idi, creating products and services in Nigeria’s financial services industry that fully resonate with 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 noninterest banking sub-segment of the banking industry, and its numerous value-adding services to customers”, Idi said.