…As Shareholders’ Fund Grows By 960%
Vincent Ezenagu
TAJBank Limited, Nigeria’s fastest growing non-interest bank, has set a new record in Nigeria’s banking sector history with the payment of dividends to its shareholders at the end of its half year ended June 2024, the second in its 4th year of operations.
The multiple award-winning non-interest lender in the half year under review paid 10% cash as interim dividend to its shareholders, following the approval of the financial statements by the Central Bank of Nigeria.
Another major highlight of the bank’s financial report showed that the bank blazed a major trail in financial management with the shareholders’ fund surging from N5 billion in 2019 to over N53 billion in June this year, representing 960% growth in the investors’ fund.
In the half year under review, the bank’s gross earnings rose to N32,846 billion from N17,022 billion recorded in 2023 financial year, representing a 93% increase over the preceding year’s earnings, amongst other impressive financial indices.
Speaking with journalists during a virtual chat at the weekend on the bank’s half year 2024 financial results, particularly on the payment of dividends to the shareholders despite the inclement operating environment, TAJBank’s Founder/CEO, Mr. Hamid Joda, said: “The payment of this second tranche of dividends to our shareholders barely four years of TAJBank’s operations is historic as this is the first time such a feat is recorded in the over 100 years of banking services in Nigeria.
“With this milestone, the bank’s board and management are telling investors in Nigeria and outside the country that TAJBank will consistently add value to their investments and continue to reward them for their confidence in our bank not only financially but also in creating opportunities for them to grow their businesses and improve their wellbeing.
“As the public can see from the latest financial statements of the bank, the sterling performances of TAJBank clearly attest to the management’s proactive strategies and innovativeness in product development and service delivery. All these are aimed at surpassing our customers’ expectations and demonstrating to the investment publics in Nigeria and globally that the primary purpose of being in business is to best serve their interests”, the banker added.
Similarly, the bank’s Co-Founder/Executive Director, Mr. Sherif Idi, enthused: “TAJBank’s impressive financial performance in the current half year 2024 further demonstrated its resilience and the management’s uncommon zeal for excellence in all areas of its operations.
“Let me emphasize here that we are very grateful to all the shareholders and urge them to always support the board and management in their sustained efforts to transform TAJBank to the foremost non-interest bank in Africa, having attained the number one ranking in Nigeria by all assessment standards in this few years of its operations”, the banker added.
It would be recalled that TAJBank had last year impressed its shareholders by raising their earnings per share from N31.06 kobo in FY2022 to N65.40k per share, indicating 114.56% improved returns on their investments.