Non-interest bank, TAJBank, recorded N6.02bn profit before tax in the first half of 2023.
A statement on Monday said the bank’s latest financial performance came, barely six months after it set an industry record of paying dividends to shareholders for the 2022 financial year, barely three years into its debut in the banking space.
Further analysis of the financial statements of the non-interest lender in H1, 2023 showed that its total assets rose from N212.02bn in December 2022 to N335.02bn at the end of June 2023, indicating a 58 per cent increase; while its gross earnings increased by 67 per cent from N136.15bn at the end of December 2022 to N227.03bn as of the end of June this year.
Other highlights of the bank’s financial results showed that financing also significantly increased by 62 per cent from N78.24bn in December 2022 to N126.73bn in H1; the deposits base grew to N251.25bn from N161.96bn as of December 2022; while its total equity grew by 88 per cent from N19.14bn in December 2022 to N36.71bn as of H1 2023.
Speaking on the bank’s performance in the period under review, TAJBank’s Founder/Chief Executive Officer, Mr Hamid Joda, said, “What I can say about TAJBank’s latest scorecard is that we have demonstrated that hard work pays. As we have maintained over the past three years, our interest is in our customers and we are pursuing this goal with all resources available to us to tell the whole world that ‘TAJBank is the way to go’ in non-interest banking.
“To demonstrate our commitment to this customer-friendly corporate slogan, we are investing in world-class technologies and digital payment solutions in our services nationwide. Also, in pursuit of our non-interest financial inclusion drive, we have also opened five branches this year and plan to open more in other states in the next few months.”
The bank’s Co-Founder/Executive Director, Mr Sherif Idi, linked the successes to the bank’s shareholders and customers. He said, “Our thanks go to our growing customers and shareholders whose belief in our vision and capacity to drive TAJBank to the leading edge of market competition has taken us this far.
“Let me assure them that TAJBank’s management and staff will continue to do its best to serve them better and protect their interests, which we value so much in all areas of operations.”
TAJBank Limited, a fastest-growing and technology-driven bank made history early this year as the first corporate entity in Nigeria’s history to list the first tranche of N100bn Sukuk Bond on the Nigerian Exchange Limited after its successful issuance.