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TAJBank Limited, one of Nigeria’s fastest-growing non-interest banks, has set a new record in the country’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 fourth year of operations.
The non-interest lender in the half year under review paid 10 per cent as an interim dividend to its shareholders, following the approval of the financial statements by the Central Bank of Nigeria.
According to a statement from the bank, its shareholders’ fund surged by 960 per cent from N5bn in 2019 to over N53 billion in June this year.
In the period under review, the bank’s gross earnings rose by 93 per cent to N32.85bn from N17.02bn recorded in 2023.
Speaking with journalists during a virtual chat at the weekend on the bank’s half-year 2024 financial results, TAJBank’s founder/Chief Executive Officer, 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.”
According to Joda, 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 public in Nigeria and globally that the primary purpose of being in business is to best serve their interests”, he added.
Also, the bank’s co-founder/Executive Director, Mr Sherif Idi, noted that TAJBank’s impressive financial performance in the current half-year of 2024 further demonstrated its resilience and the management’s uncommon zeal for excellence in all areas of its operations.
“Let me emphasise 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 these few years of its operations,” the banker stated.
It would be recalled that TAJBank had last year raised its earnings per share by 114.56 per cent from N31.06 in FY2022 to N65.40 per share.
