TAJBank Sustains Industry Feat, Pays 3rd Dividend In 5 Years

Nigeria’s fastest growing non-interest bank, TAJBank Limited, TAJBank Limited has sustained its feat in the nation’s banking history with the payment of 20 kobo per share dividend to its shareholders at the end of financial year (FY) 2024, being the third investment reward for the investors in its five years of operations.
Available industry data on dividends paid to shareholders by most banks during the year under review showed that TAJBank’s dividend, based on earnings per share, represented one of the best in terms of dividend ratio to share value of banks nationwide.

The major highlights of the TAJBank’s financial results in FY 2024 showed that the bank’s Total Assets grew from N518.33 billion in 2023 to N953.10 billion in 2024, representing 84 per cent growth year-on-year; while its Gross earnings also increased to N75.5 billion in the year under review from N43.2 billion in 2023, indicating 80 per cent growth.

Similarly, the multiple award-winning non-interest bank also recorded impressive performance in its deposit base, which surged by 89 per cent, from N369.33 billion in FY2023 to N696.34 billion in FY 2024.
In the year under review, the bank’s gross earnings rose to N467.38 billion from N271.92 billion recorded in 2023 financial year, representing 72 per cent year-on-year on growth just as the profit before tax (PBT) grew by 61 per cent to N18.2 billion from N11.3 billion in the preceding year, among other impressive financial indices.

Commenting on the bank’s FY2024 financial results, particularly on dividend payment to the shareholders despite the inclement operating environment, TAJBank’s founder/CEO, Hamid Joda, said: “With the payment of the third dividend to the shareholders within five years of operations, TAJBank’s Board and management have again demonstrated that investors’ interest remains a priority in their drive to sustain the bank at the forefront of non-interest banking space in Nigeria.

“The sterling performances of TAJBank these past years clearly attest to the management’s proactive strategies and innovativeness in service delivery and I want to assure our investors that their interests will always be prioritised in our operations at all times,”Joda added.

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In his remarks, the bank’s co-founder/executive director, Sherif Idi, said.”

“The payment of the third dividend to our shareholders at the end of FY2024 is historic and aligns with the primary goal of TAJBank being in business, which is to continually serve the interests of our shareholders, customers, and the public.

“We want to thank all our shareholders for contributing to the growth of the bank and also urge them to encourage their friends to invest in TAJBank as doing so will guarantee them sustained benefits,” the banker assured.