BY MARK ITSIBOR, Abuja
TAJBank, Nigeria’s non-interest banking services provider, has 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 per cent on every N1 investment by them in the financial year 2020.
This is even as the lender reported N845 million Profit After Tax (PAT) in its first year of operations ending December 2020 just as its other performance indices were upswing, demonstrating the management’s superior financial competencies to create sustainable value for its various stakeholders.
The performance also lends credence to the success and market acceptance of the non-interest banking model.
The bank’s impressive scorecard was posted during the financial year amid the devastating impact of the COVID-19 pandemic on the global, and particularly Nigeria’s economic landscape.
TAJBank’s financial statements already approved by the monetary authorities, indicated that the bank 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 per cent growth in its deposit base showcasing the lender’s 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.
Quite remarkably, at a time when electronic frauds are threatening the global banking system, TAJBank has guaranteed the safety of depositors’ and investors’ funds, recording no single incidence of fraud since its inception.
Commenting on the bank’s impressive performance in its maiden year and capacity to break even within nine months of operation, the founder and chief operating officer, Mr. Hamid Joda, said, “The feat is indicative that in this short period of business operations we have received such a massive support and encouragement from various bodies and individuals.Breaking even in nine months of operations is a laudable feat and we are appreciative of the enormous support and encouragement that we have received so far.’’