Valentine Okafor
TAJBank Limited, Nigeria’s fastest growing non-interest bank, sustained its record-breaking feat in the nation’s banking history with the payment of 20 kobo per share dividend to its shareholders at the end of financial year (FY) 2024, being the third investment reward for the investors in its five years of operations.
Available industry data on dividends paid to shareholders by most banks during the year under review showed that TAJBank’s dividend, based on earnings per share, represented one of the best in terms of dividend ratio to share value of banks nationwide.
The major highlights of the TAJBank’s financial results in FY 2024 showed that the bank’s Total Assets grew from N518.33bn in 2023 to N953.10bn in 2024, representing 84% growth year-on-year; while its Gross earnings also increased to N75.5bn in the year under review from N43.2bn in 2023, indicating 80% growth.
Similarly, the multiple award-winning non-interest bank also recorded impressive performance in its deposit base, which surged by 89%, from N369.33bn in FY2023 to N696.34bn in FY 2024.
In the year under review, the bank’s gross earnings rose to N467.38bn from N271.92bn recorded in 2023 financial year, representing 72% year-on-year on growth just as the profit before tax (PBT) grew by 61% to N18.2bn from N11.3bn in the preceding year, among other impressive financial indices.
Commenting on the bank’s FY2024 financial results, particularly on dividend payment to the shareholders despite the inclement operating environment, TAJBank’s Founder/CEO, Mr. Hamid Joda, said: “With the payment of the third dividend to the shareholders within five years of operations, TAJBank’s Board and management have again demonstrated that investors’ interest remains a priority in their drive to sustain the bank at the forefront of non-interest banking space in Nigeria.
“The sterling performances of TAJBank these past years clearly attest to the management’s proactive strategies and innovativeness in service delivery and I want to assure our investors that their interests will always be prioritized in our operations at all times”, Joda added.
In his remarks, the bank’s Co-Founder/Executive Director, Mr. Sherif Idi, said: “The payment of the third dividend to our shareholders at the end of FY2024 is historic and aligns with the primary goal of TAJBank being in business, which is to continually serve the interests of our shareholders, customers, and the public.
“We want to thank all our shareholders for contributing to the growth of the bank and also urge them to encourage their friends to invest in TAJBank as doing so will guarantee them sustained benefits”, the banker assured.