TAJBank, a non-interest bank, reported N6.02 billion in earnings before taxes in the first half of 2023.
The Punch reported that according to a statement released on Monday, the bank’s most recent financial results came just six months after it broke the sector’s dividend payout record for the 2022 fiscal year and three years after making its debut in the banking industry.
Further examination of the non-interest lender’s financial statements for H1 2023 revealed that while its gross earnings increased by 67 percent from N136.15 billion at the end of December 2022 to N227.03 billion as of the end of June this year, its total assets increased by 58% from N212.02 billion in December 2022 to N335.02 billion at the end of June 2023.
Other notable financial results for the bank included financing, which increased significantly by 62% from N78.24 billion in December 2022 to N126.73 billion in H1, deposits, which increased by 251.25 billion from N161.96 billion in December 2022, and total equity, which increased by 88% from N19.14 billion in December 2022 to N36.71 billion in H1 2023.
The founder and chief executive officer of TAJBank, Mr. Hamid Joda, commented on the bank’s performance during the evaluation period: “What I can say about TAJBank’s newest scorecard is that we have proven that hard effort pays off. As we have emphasised over the past three years, our interest is in our clients, and we are working to spread the word about this to everyone we can.
“To show our dedication to our customer-friendly corporate tagline, we are implementing cutting-edge technologies and digital payment options across all of our services throughout the country. Additionally, we launched five branches this year as part of our effort to expand non-interest financial inclusion and we have more planned in other states for the near future.
The co-founder and executive director of the bank, Sherif Idi, attributed the accomplishments to the business’s shareholders and clients. “Our gratitude goes to our expanding customer base and shareholders whose faith in our mission and ability to push TAJBank to the forefront of the market competition has brought us this far,” he said.
“Let me reassure them that TAJBank’s management and personnel will continue to work hard to meet their needs and safeguard their interests, which we highly regard in all facets of our business.”
TAJBank Limited, one of Nigeria’s fastest-growing and most technologically advanced banks, achieved history earlier this year when it became the first corporate body to successfully issue a N100 billion Sukuk Bond and list the first tranche on the Nigerian Exchange Limited.
