3rd October, 2023
By Kadiri Abdulrahman
TAJBank Limited has recorded the highest Tier-1 capital in the non-interest banking sub-sector in the first half of 2023.
This is according to a statement by TAJBank’s Chief Executive Officer (CEO), Mr Ahmed Joda
Joda said that the audited financial statements of the bank also reflected an increase in its Profit Before Tax (PBT) to N6.019 billion, which is the highest in the banking sub-sector and surpassed analysts’ projections.
Additionally, TAJBank also made history early this year when it listed the first tranche of N100 billion Sukuk Bond on the Nigerian Exchange Limited (NGX) after the successful issuance.
Joda said that a further analysis of the latest audited financial statements showed that its total assets rose from N212.021 billion in December 2022 to N335.017 billion at the end of June 2023.
He said that the figures indicated a 58 per cent increase.
“Its gross earnings increased by 67 per cent from N136.149 billion at the end of December 2022 to N227.031 billion as of the end of June.
“Other highlights of the bank’s financial scorecard in the first half of 2023 reflected that the financing also significantly increased by 62 percent from N78.235 billion recorded as of December 2022 to N126.725 billion by June.
“The deposits base surged to N251.250 billion from N161.958 billion as of December 2022, while its total equity grew by 88 percent from N19.135 billion in December 2022 to N36.706 billion as of June,’” he said.
Joda, attributed TAJBank’s enviable feat to the increasingly proactive strategies being adopted by the management to respond to emerging trends in non-interest banking and deployment of the right resources.
“What I can say about TAJBank’s latest scorecard is that we have demonstrated that hard work pays.
“As we have maintained over the past three years, our interest is in our customers, and we are pursuing this goal with all resources available to us to tell the whole world that TAJBank is the way to go in non-interest banking.
“To demonstrate our commitment to this customer-friendly corporate slogan, we are investing in world-class technologies and digital payment solutions in our services nationwide,” he said.
“In pursuit of the non-interest financial inclusion drive, we have also opened five branches this year and plan to open more in other states in the next few months”, he said.
TAJBank’s executive director, Mr. Sherif Idi, said that the successes were made possible by the bank’s shareholders and customers.
“Our thanks go to our growing customers and shareholders, whose belief in our vision and capacity to drive TAJBank to the leading edge of market competition has taken us this far.
“Let me assure them that TAJBank’s management and staff will continue to do their best to serve them better and protect their interests, which we value so much in all areas of operations, he said.
NAN