TAJBank Limited, a rapidly expanding non-interest banking institution in Nigeria, has made a remarkable mark in the country’s financial landscape by declaring dividends to its shareholders for the second time since its inception, following the end of its half-year financial results for June 2024. This dividend payment, set at 10 percent, highlights the bank’s evolving financial stability and is a testament to its robust performance over just four years. The Central Bank of Nigeria approved the bank’s financial statements, affirming the legitimacy of its operations and financial practices, as it continues to position itself as a key player in the non-interest banking sector.
The growth trajectory of TAJBank is notable, with a staggering 960 percent increase in its shareholders’ funds, which shot up from N5 billion in 2019 to over N53 billion by mid-2024. Such impressive figures indicate not only the bank’s operational success but also its rising appeal among investors. Alongside this dramatic growth in shareholder equity, the bank reported gross earnings of N32.85 billion for the first half of 2024, an impressive 93 percent increase from N17.02 billion in the previous year. These figures portray a rapidly growing enterprise that is redefining financial opportunities in a traditionally conservative industry.
Mr. Hamid Joda, TAJBank’s founder and CEO, emphasized the significance of these dividends during a press session. He highlighted that this milestone represents a historic first in Nigeria’s banking sector, characterized by over a century of conventional practices where such early dividends were rare. The strategic management of TAJBank is aimed at demonstrating its commitment to adding value to shareholders’ investments, proving that the bank is capable of rewarding investor confidence both through financial returns and by offering growth opportunities for their businesses and lifestyles.
Joda also attributed the bank’s outstanding financial results to proactive strategies and innovative approaches to product development and service delivery. He stated that the bank’s primary focus is on exceeding customer expectations, which has been a cornerstone of its fast-tracked success in the competitive financial landscape. This relentless pursuit of excellence is evident in how TAJBank has tailored its services to meet dynamic market demands while ensuring that customer interests remain a priority.
Additionally, co-founder and Executive Director Mr. Sherif Idi commended the bank’s resilience and the management team’s dedication to excellence across all operations. He expressed gratitude towards shareholders, encouraging their ongoing support as the bank strives to elevate its status to the foremost non-interest institution in Africa. The ambition to be ranked first in Nigeria reflects TAJBank’s vision, which is rooted in a commitment to superior service and innovation in financial offerings.
It is worth noting that TAJBank had also significantly increased its earnings per share by 114.56 percent from N31.06 in FY2022 to N65.40 per share in the previous year. This upward trend demonstrates a sustained growth pattern and signals a promising future for its shareholders. With sound financial decisions and a commitment to non-interest banking, TAJBank is poised to continue transforming the financial landscape in Nigeria and beyond, making its contributions both relevant and impactful in the banking sector.
