TAJBank Sets New Record As PBT Posts Over 300% Surge In 2022
- Pays dividend in 3 years of operations
BY EDMOND ODOK – Maintaining its position as Nigeria’s fast-growing and technology-driven non-interest banking services provider, TAJBank Limited has set a new record in the nation’s banking system with dividends payment to shareholders within three years of its existence.
The bank’s impressive showing is supported by available statistics on banking industry’s audited financial reports indicating that no bank has achieved such fantastic feat in over 100 years of the sector’s history.
This is also as the bank recorded remarkable growth across key indices during the year with its balance sheet growing by over 93% from N110 billion recorded in 2021 to N212 billion while its Profit Before Tax (PBT) also rose from N1.6 billion in 2021 to N5.081 billion in 2022 financial year.
The Board Chairman, Alhaji Tanko Isiaku Gwamna, said the achievements were driven by innovation and proactive strategies adopted by the Board and management sustain that put TAJBank on sustainable growth and financial stability path for the benefits of its shareholders and Nigeria’s economy.
Gwamna told shareholders at the Bank’s Annual General Meeting (AGM) that the inclement operating environment notwithstanding, the bank was, in the past two years, able to successfully weather global economic storms as well as the macroeconomic developments in the nation’s economic space, especially the surging inflation rate, with the attendant negative impacts on businesses.
On the dividend payment, he said; “On behalf of the Board, I am pleased to inform our shareholders that we have recommended a scrip dividend payment of 1 share for every 10 shares, subject to shareholders’ approval. We remain committed to promoting business expansion and success while making sure that a sizeable amount of our profits is set aside for you.”
Also addressing the AGM, Managing Director/Chief Executive Officer, Mr. Hamid Joda, described year 2022 as a significant milestone in the bank’s journey as a non-interest lender despite the headwinds that characterized the operating environment.
According to him, the management braved all odds to deliver on key strategic goals through relentless execution, backed by a positive culture and delivery on high-impact projects, noting that the bank’s earnings per share grew by 138% to N31.27 kobo in 2022 as against N13.11 kobo recorded in 2021.
On their future plans, Joda said; “In our relentless efforts to promote non-interest products and modes of banking nationwide, the Board and management of TAJBank have set key objectives for the year 2023 and beyond.
“These initiatives include, inter alia, to promote financial inclusion by leveraging various channels and touchpoints, especially our electronic platforms with the aim of reaching out to the unbanked populace; and to be recognized as the market leader in the non-interest banking industry in Nigeria”.
Additionally, he said; “We also plan to open 110 branches/business offices across state capitals/major commercial centers before 2024 and to offer non-interest banking products and services to underserved markets; to grow our agency network to 100,000 active agents by 2025 thereby reducing the financial exclusion rate; to grow our customer base to at least four million by 2027; and to achieve a minimum customer satisfaction score of 85%”.
Meanwhile, a financial expert and an Independent Non-Executive Director of the bank, Alhaji Tata Shekaru Omar, has praised the Board and Management for innovatively positioning TAJBank to be highly competitive in the increasingly dynamic financial services market.
He told journalists shortly after the AGM that; “TAJBank is just barely four years of age and that it was able to make profit in its first year of operation is great and cheery news for all its stakeholders. I want to say kudos to the MD and the entire team for such a feat, especially that the bank is now giving out dividends to shareholders.”
Omar further said; “The bank has continued to make great strides and now it is even expanding in terms of branches. TAJBank continues to make a statement that non-interest banking is here to stay and the way to go”.
Recalled that the bank made history early this year as the first corporate entity in Nigeria’s history to list Sukuk Bond on the Nigerian Exchange Limited (NGX) after the successful issuance.
