TAJBank Shareholders Smile With 433% Profit In 2021

• As balance sheet hits N110bn mark

It is cheering news for shareholders of TAJBank Limited as their brand posted a Profit Before Tax (PBT) surge of about N1.6 billion in the 2021 financial year to maintain its strong showing among Nigeria’s leading financial institutions.

The amount represents an impressive 433 per cent increase over the preceding year’s profit margin.

To further highlight the milestone achievements in its second year of operations, the Bank also recorded 117 per cent growth in gross revenue from N3.3 billion in FY2020 to N7.2 billion in FY2021.

Clearly satisfying the Payment Card Industry Data Security Standard (PCI DSS) certification in line with its globally recognized information security standards in all areas of operations, the multiple award-winning lender’s financial results also witnessed the balance sheet figure rising from N50 billion in FY2020 to N110 billion in the FY2021, representing a 122 per cent growth.

Further scrutiny of the bank’s financial results indicates an outstanding leap in its shareholders’ funds during the year that marked a huge improvement over the previous year, just as efforts at growing and expanding its deposit base saw the customer deposits remarkably grow with a 99 per cent increase over the previous year’s value and representing the highest in the industry.

This is as the Bank said all the positive indicators captured on the audited financial statements reflect its management’s professionalism in handling investors’ funds despite serious economic headwinds.

Commenting on the financials that also captured the bank’s rapid expansion of its branch network by 22 new branches and business offices in the period under review, the Managing Director and Chief Executive Officer, Mr. Hamid Joda, said; “Since commencing operations two years ago, TAJBank has continued to record giant strides in the financial services industry.

“It is on record that we achieved break-even in our 8th month of business, recorded profit in our first year of operations while also wiping-off preoperational expenses in the first year of operation.’

Joda further stated that; “Generally, the bank has continued to record excellent financial performance within the short period of its existence.”

For the Co-Founder/Executive Director – Business Development, Mr Sherif Idi; “TAJBank has a healthy appetite for growth and for excellence and these results are a testament to what we portray and what we are about.”

According to him, with the remarkable results, the bank “is not looking at slowing down in its sustained commitment to continuously add value to our shareholders, surpassing our customers’ expectations in innovative products and services delivery, and in ensuring we continue to break frontiers in the Nigerian financial system.”