TAJBank Records N11.3bn Profit Before Tax For 2023 Financial Year

Nigeria’s non-interest bank, TAJBank Limited, has reported a profit before tax (PBT) of N11.3 billion in its 4th year of operations, the best in the non-interest lending sub-sector of the banking industry in the year.
The bank stated that the PBT represented a 122.65 per cent increase over the N5.08 billion PBT it reported in the 2022 financial year.

The bank, which had received the Payment Card Industry Data Security Standard (PCI DSS) certification in recognition of its globally recognised information security standards in all areas of its operations, also recorded 149.13 per cent growth in gross earnings from N17.323 billion in FY2022 to N43.157 billion in 2023

In the year under review, TAJBank also recorded other remarkable feats in its financial results, with the balance sheet figures surging by over 144 per cent from N212.021 billion in FY2022 to N518.335 billion in 202 financial year.

“Similarly, the bank, which a few weeks ago won the Islamic Finance News’ (IFN’s) “Best Islamic Bank in Nigeria 2023,” also surpassed analysts’ forecasts by boosting its shareholders’ funds during the year from N19.535 billion in FY 2022 to N41.825 billion in FY2023, representing 114.10 per cent increase year-on-year. A further analysis of the non-interest, innovation-driven bank showed that its gross deposits grew by over 128 per cent in the financial year 2023 from N161.958 billion in FY 2022 to N369.337 billion despite the serious whirlwinds in the economy.

“As expected, TAJBank has again put smiles on the faces of its shareholders, raising its earnings per share from N31.06 kobo in FY2022 to N65.40k per share in the year under review, indicating 114.56 per cent improvement in the return on investment for the shareholders,’’ the bank said.

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Commenting on the bank’s FY 2023 financial results, the founder/CEO, Hamid Joda, attributed the sterling performances in key indicators “to the management’s proactive strategies and service delivery innovation being adopted to surpass our customers’ expectations and demonstrate to Nigerians and the global community that our awards, recognitions by brand experts and analysts as re-defining non- interest banking values are well-deserved.

“As we want to thank all our shareholders for their growing confidence in TAJBank’s board and management as the years roll by, our appreciation also goes to our customers, who are consistently appreciating that our only interest is to offer them excellent products and services at all times,” he added.

In his remarks, the bank’s co-founder/ executive director, Mr. Sherif Idi said, “Let me say that these key financial performance indicators of our bank clearly demonstrate that TAJBank has an irrepressible zeal for excellence in all areas of its operations. The 2023 financial results are clearly a testament to what we portray and what we are really indeed.”