Assets grow 443% in first year of operation
Nigeria’s leading non-interest banking services provider, TAJBank, is cherry recording the highest earning per share (EPS) in the nation’s banking industry with its shareholders earning N11.82 per share.
The figure represents an appreciation of 1,182 per cent on every N1 investment by shareholders in the 2020 financial year under review.
Similarly, the Bank has reported N845 million Profit After Tax (PAT) in its first year of operations ending December 2020, even as its other performance indices swung upwards impressively, demonstrating the management’s impressive financial competencies to create sustainable value for all stakeholders.
The bank’s impressive scorecard was posted during the financial year amid the devastating impact of the COVID-19 pandemic on the global, and particularly Nigeria’s economic landscape.
Its financial statements already approved by monetary authorities indicated that TAJBank, which had achieved its break-even mark barely nine months after it debuted in the non-interest banking terrain, grew its total assets from N9.2 billion in 2019 to N50 billion in 2020, representing a 443 per cent increase and a significant growth in its operations.
A further analysis of the ethical and value-driven bank’s financials showed 1,495 per cent growth in its deposit base showcasing the lender’s capacity to thrive in the non-interest banking sub-sector 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. At a time when electronic scams are threatening the global banking system, TAJBank has quite remarkably guaranteed the safety of depositors’ and investors’ funds, recording no single incidence of fraud since its inception.
Founder and Chief Operating Officer of the bank, Mr Hamid Joda, who spoke about the remarkable showing in their maiden year and capacity to break even within nine months of operations, said the performance also lends credence to the success and market acceptance of the non-interest banking model.
According to Joda, 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 said.
Also commenting on TAJBank’s inspiring performance, its co-founder and Chief Marketing Officer, Mr Sherif Idi, said: “In our business environment, creating products and services that fully resonate with our customers while addressing their needs is a priority.”
Further capturing the management’s happiness at the welcome turn of events, Idi said; “We are delighted with the satisfaction rate and feedback we have received so far on TAJBank, a thought leader in the increasingly dynamic non-interest banking sub-segment of the banking industry, and its numerous value-adding services to customers.”