- Bank posts 471% growth in Profit Before Tax
Shareholders of TAJBank Limited are happy with the board and management for their impressive performance in effectively positioning the bank to achieve its vision as Nigeria’s leading non-interest banking products and services provider within the first year of operations.
Noting the positive performance indicators in the period under review, the Stakeholders have pledged their continued loyalty and commitment to TAJBank’s mission as an innovation-driven financial institution in the coming years.
Reports for the financial year indicated that the bank recorded exceptional improvements in its gross earnings, which rose by 6,066 percent to N3.456 billion with a 471 percent growth in Profit Before Tax (PBT) and the deposit growth rate of 1,524 percent.
According to the reports, other areas that saw the Bank recording positive upshots include its Return on Equity which went up by 361 percent as well as the exponential growth in the customer base that rose from 1,809 to 103,853.
Amplifying their delight in an interactive media session after the bank’s 2nd Annual General Meeting (AGM) in Abuja, one of the leading shareholders, Alhaji Lawal Garba, said they were “very happy with the board and management of the bank for the impressive performance recorded during the year, particularly on the innovation that they have brought into non-interest banking in Nigeria.
“We are also very impressed with their entrepreneurship drive, which has impacted the way the bank is growing, and we are all very impressed and wish the bank more successful years ahead.”
“Also, we want to encourage the management to continue with the mandate they have been given by redoubling their efforts towards the full realisation, though the efforts they have put in so far have been commendable. Overall, we are very impressed with their superlative performance”, Garba said.
Addressing shareholders at the AGM, TAJBank Chairman, Alhaji Tanko Isiaku Gwamna, said the 2020 financial year was remarkable for the bank in terms of investment; market penetration; growth; expansion; strong financial and strategic performance that effectively positioned it among Nigeria’s fastest-growing banks.
Gwamna attributed the bank’s excellent performances to its exceptional service delivery, robust investments, deployment of critical technologies and solutions as well as a responsive operational system.
He expressed TAJBank’s commitment to value-addition for all its shareholders and the Nigerian financial system, assuring that the Bank’s sustainability is further guaranteed by the expansive value it is creating for its shareholders, customers, employees, and all stakeholders.
“Our commitment to the creation of optimal shareholders’ value remains solid and expansive”, the Chairman assured, even as he appreciated the social media increasing roles as an indispensable tool for customer relationship management, value addition, and complaint resolution.
The seasoned non-interest banker said this realisation informed TAJBank’s moves at leveraging on investments in key technologies to improve its visibility on Facebook, Instagram, LinkedIn, Google+, and WhatsApp.
He said though focused on ensuring optimum performance and value addition across all stakeholders, TAJBank’s medium and long term target “is to be among the recipients of key awards on product and service innovation, consistently transparent corporate governance practices and service excellence”.
For him, this noble goal would be achieved through efficient utilization of the Bank’s creative workforce and excellent management team.
Gwamna also assured the Bank would not relent in upscaling its Corporate Social Responsibility (CSR)activities in pursuant of its vision of funding programmes and projects that promote financial inclusion; economic prosperity; equal access to opportunities; sustainable development; and promote global prosperity in its host communities and the larger Nigerian society.
