Non-Interest Banking: TAJBank leads in Tier-1 capital, PBT
(Business Africa Digest)-TAJBank Limited, Nigeria’s fastest growing and technology-driven non-interest banking services provider, has again blazed a new trail in the non-interest banking space in half year 2023, posting impressive performances in financial indices, particularly in recording the highest Tier-1 capital in the sub-sector of the non-interest Banking industry in the six months period.
Similarly, the audited financial statements of the non-interest lender reflected a huge surge in its Profit Before Tax (PBT) to N6.019 billion, which is the highest in the banking sub-sector and surpassed analysts’ projections.
The bank’s latest financial performance feats came barely six months after it set an industry record with the payment of dividend to its shareholders at the end of the 2022 financial year, barely three years of its debuting in the banking space. No bank has achieved this feat in the over 100 years of banking in Nigeria.
TAJBank also made history early this year as the first corporate entity in Nigeria’s history to list the first tranche of N100 billion Sukuk Bond on the Nigerian Exchange Limited (NGX) after the successful issuance.
A further analysis of the latest audited financial statements of the non-interest and most innovative lender 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% increase while its Gross Earnings increased by 67% from N136.149 billion at the end of December 2022 to N227.031 billion as of the end of June this year.
Other highlights of the bank’s financial scorecard in H1 2023 reflected that the Financing also significantly increased by 62% 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% from N19.135 billion in December 2022 to N36.706 billion as of H1 2023.
Speaking on the bank’s superior performance in the period under review, TAJBank’s Founder/CEO, Mr. Hamid Joda, attributed the financial indices 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.
He said: “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.
In his brief remarks, the bank’s Co-Founder/Executive Director, Mr. Sherif Idi, linked the successes to the bank’s shareholders and customers, saying that “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.
“Let me assure 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”, the banker added.
