• Fri. Sep 29th, 2023

TAJBank sets new banking industry record; grows asset by over 443% in first year of operation

ByBassey Udo

Apr 26, 2021 #CBN, #Nigeria, #TAJBank

TAJBank reputed to be one of Nigeria’s leading non-interest banking services provider, has set a new banking industry record, growing its total assets base from about N9.2billion in 2019 to N50 billion in 2020, a whooping leap by over 443 percent in only the first year in business.
Also, the bank recorded the highest earning per share (EPS) in the nation’s banking industry, with its shareholders earning N11.82 per share, representing an appreciation of 1,182 percent on every N1 investment by them in the financial year 2020.
Besides, the bank also reported  profit after tax (PAT) earnings of about N845 million in its first year of operations ending December 2020.
The bank said on Sunday the superlative performance indices were demonstrating the management’s superior financial competencies to create sustainable value for its various shaeholders. 
The Founder and Chief Operating Officer, Hamid Joda said the performance of the bank also lend credence to the success and market acceptance of the non-interest banking model. 
Joda said the bank’s impressive scorecard was posted during the financial year amid the devastating impact of the COVID-19 pandemic on the global economy, and particularly Nigeria’s economic landscape.
TAJBank’s financial statements have already been approved by the monetary authorities, the Central Bank of Nigeria (CBN).
The statements indicated that the bank, which achieved its breakeven mark barely nine months after it debuted in the non-interest banking terrain, grew its total assets from N9.2billion in 2019 to N50 billion in 2020, representing a 443% increase and a remarkable growth.
A further analysis of the ethical and value-driven bank’s financials showed 1,495 percent growth in its deposit base, showcasing the its 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 electronic frauds are threatening the global banking system, analysts say it was remarkable that TAJBank has guaranteed the safety of depositors’ and investors’ funds, recording no single incidence of fraud since its inception.
On the bank’s impressive performance in its maiden year and capacity to break even within nine months of operation, Joda said 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”, Joda added.
The bank’s Co-founder and Chief Marketing Officer,  Sherif Idi, also said: “In our business environment, creating products and services that fully resonate with our customers while addressing their needs is a priority. 
“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”, Idi added.

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