TAJBank declares N5.081bn profit in 2022, pays dividends within 3 years of operation


TAJBank Limited, a rapidly expanding non-interest bank in Nigeria, has achieved a significant milestone in the country’s banking sector. Within just three years of its operations, TAJBank has successfully paid dividends to its shareholders. The Chairman of TAJBank’s board, Isiaku Gwamna, highlighted that despite the challenging business environment, the bank’s board and management have effectively steered TAJBank towards sustainable growth. Notably, TAJBank also made history by becoming the first corporate entity in Nigeria to list a Sukuk Bond on the Nigerian Exchange Limited (NGX), following a successful issuance.

Mr. Gwamna acknowledged the adverse effects of global economic challenges and macroeconomic developments, including rising inflation rates, on businesses. Despite these difficulties, the Board has recommended a scrip dividend payment of one share for every 10 shares, subject to shareholders’ approval. The bank aims to support business expansion while ensuring that a significant portion of profits is allocated to shareholders.

The Managing Director, Mr. Joda, regarded 2022 as a significant milestone in TAJBank’s journey, despite the challenging operating environment. Through relentless execution, a positive culture, and the completion of high-impact projects, the management successfully achieved key strategic goals. In 2022, TAJBank witnessed remarkable growth across important indicators, with its balance sheet expanding by over 93% from N110 billion in 2021 to N212 billion. Additionally, the bank’s Profit Before Tax (PBT) increased from N1.6 billion in 2021 to N5.081 billion in 2022.

In 2022, TAJBank experienced substantial growth in earnings per share, which increased by 138% to N31.27 kobo compared to N13.11 kobo in 2021.

Looking ahead to 2023 and beyond, TAJBank’s board and management have established key objectives to further promote non-interest banking products and modes of banking nationwide. These initiatives include:

  1. Promoting financial inclusion by leveraging various channels and electronic platforms to reach the unbanked population.
  2. Aspiring to become the market leader in the non-interest banking industry in Nigeria.
  3. Opening 110 branches/business offices in state capitals and major commercial centers before 2024.
  4. Offering non-interest banking products and services to underserved markets.
  5. Expanding the agency network to 100,000 active agents by 2025 to reduce the financial exclusion rate.
  6. Growing the customer base to at least four million by 2027.
  7. Achieving a minimum customer satisfaction score of 85%.

These objectives reflect TAJBank’s commitment to expanding its reach, providing accessible banking services, and delivering exceptional customer experiences..

Leave a Reply

Your email address will not be published. Required fields are marked *