TAJBank profit rises by 300%, pays dividend

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TAJBank Limited, a fast-growing and technology-driven non-interest banking services provider, says it has set a new record in the banking industry with the payment of dividend to its shareholders just three years of its operations.

TAJBank early this year reportedly became the first corporate entity in Nigeria to list Sukuk Bond on the Nigerian Exchange Limited after the successful issuance.

A statement quoted the Board Chairman, TAJBank, Alhaji Tanko Isiaku Gwamna, as recounting the global economic whirlwinds in the past two years as well as the macroeconomic developments in the nation’s economic space, especially the surging inflation rate, with the attendant negative impacts on businesses.

He spoke while addressing shareholders at the Annual General Meeting of the bank

Gwamna maintained that despite the inclement operating environment, the board and management of the bank were able, through innovation and proactive strategies, to sustain TAJBank on the path of sustainable growth and financial stability for the benefits of the shareholders and Nigeria’s economy

On the dividend issue, he was quoted as saying, “On behalf of the board, I am pleased to inform our shareholders that we have recommended a scrip dividend payment of 1 share for every 10 shares, subject to shareholders’ approval. We remain committed to promoting business expansion and success while making sure that a sizeable amount of our profits is set aside for you.”

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In his report, the bank’s Managing Director/CEO, Mr. Hamid Joda, described the FY 2022 as a significant milestone in the journey of the non-interest lender despite the headwinds that characterised the operating environment as the management was able to deliver on key strategic goals through relentless execution, backed by a positive culture and delivery on high-impact projects.

On the bank’s financial performance in FY 2022, Joda reported that TAJBank recorded remarkable growth across key indices during the year as its balance sheet grew by over 93 per cent from N110bn recorded in FY 2021 to N212bn while its Profit Before Tax also surgedfrom N1.6bn in FY 2021 to N5.081bn in the 2022 financial year.

He also told the excited shareholders that the bank’s earnings per share grew by 138% to N31.27 kobo in FY 2022 compared to N13.11 kobo recorded in FY 2021.

On the plans to further grow the bank in the years ahead, Joda said, “In our relentless effort to promote non-interest products and modes of banking nationwide, the Board and management of TAJBank have set key objectives for the year 2023 and beyond.

“These initiatives include, inter alia, to promote financial inclusion by leveraging various channels and touchpoints, especially our electronic platforms with the aim of reaching out to the unbanked populace; and to be recognized as the market leader in the non-interest banking industry in Nigeria,

“We also plan to open 110 branches/business offices across state capitals/major commercial centers before 2024 and to offer non-interest banking products and services to underserved markets; to grow our agency network to 100,000 active agents by 2025 thereby reducing the financial exclusion rate; to grow our customer base to at least four million by 2027; and to achieve a minimum customer satisfaction score of 85 per cent”, he added.

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