….posts N845m profit after tax, grows assets by 443%
With shareholders earning of N11.82k per share, TAJ bank, Nigeria’s leading non-interest banking services provider recorded the highest earning per share (EPS) in the nation’s banking industry .
A statement by TAJ bank’s Founder and Chief Operating Officer, Mr Hamid Joda, also said that the bank grew its assets in the first year of operations ended in December 2020, by 443 per cent.
Joda said that the bank also reported N845 million Profit After Tax (PAT) in the period.
He said that the bank’s overall performance indices were upswing, demonstrating the management’s superior financial competencies to create sustainable value for its various stakeholders.
“The performance also lends credence to the success and market acceptance of the non-interest banking model.
“The bank’s impressive scorecard was posted during the financial year amid the devastating impact of the COVID-19 pandemic on the globe, particularly Nigeria’s economic landscape.
“TAJBank’s financial statements already approved by the monetary authorities indicated that the lender had achieved its breakeven mark barely nine months after it debuted in the non-interest banking terrain.
“It also grew its total assets from N9.2billion in 2019 to N50 billion in 2020, representing a 443 per cent increase and a remarkable growth,” he said.
He added that a further analysis of the bank’s financial statements showed 1,495 per cent growth in its deposit base showcasing its capacity to thrive in the non-interest banking sub-sector.
“All these were achieved through innovation and efficient service delivery in the face of the COVID-19 triggered disruptions in the financial sector.
“The Bank has also grown its agency banking network (TAJExpress), to over 3,000 agents within its first year of operations.
“Quite remarkably, at a time when electronic frauds are threatening the global banking system, TAJBank has guaranteed the safety of depositors’ and investors’ funds, recording no single incidence of fraud since its inception,” he assured.
He also applauded the bank’s impressive performance in its maiden year and capacity to break even within nine months of operation, saying that the feat “is indicative that in this short period of business operations we have received such a massive amount of support and encouragement from various bodies and individuals.
“Breaking even in nine months of operation is a laudable feat and we are appreciative of the enormous support and encouragement that we have received so far.
“We assure our customers that we will continue to explore the business landscape with a view to consistently deliver on our mission to provide the very best of products and services to our customers,” he added.
Meanwhile, the bank’s Co-founder and Chief Marketing Officer, Mr Sherif Idi, said that creating cunstomer-friendly products and services remained its primary focus.
“In our business environment, creating products and services that fully resonate with our customers while addressing their needs is a priority.
“We are delighted with the satisfaction rate and feedback we have received so far on the increasingly dynamic non-interest banking sub-segment of the banking industry, and its numerous value-adding services,” he said
