TAJBank, Nigerias leading non-interest banking services provider, has reported N845 million Profit After Tax (PAT) in its first year of operations ending December 2020.
The bank’s assets also grew by 443 per cent in first year of operation.
This is just as its other performance indices were upswing, demonstrating the managements superior financial competencies to create sustainable value for its various stakeholders.
The bank during the period in review recorded the highest earning per share (EPS) in the nations 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.
The performance also lends credence to the success and market acceptance of the non-interest banking model.
The banks impressive scorecard was posted during the financial year amid the devastating impact of the COVID-19 pandemic on the global, and particularly Nigerias economic landscape.
TAJBanks 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 N9.2billion in 2019 to N50 billion in 2020, representing a 443 per cent increase and a remarkable growth.
A further analysis of the ethical and value-driven banks financials showed 1,495 per cent growth in its deposit base showcasing the lenders 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 when 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 banks 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 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.
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 ts 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, Joda added.
The banks Co-founder and Chief Marketing Officer, Mr. Sherif Idi, also commented: 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.” Idi stressed.