TAJBank Posts 129% Surge In Half-year Profit

 

TAJBank Limited, a leading non-interest lender in Nigeria driven by technology, has announced an impressive 129 percent increase in its profit before tax, reaching N6.019 billion for the first half of this year. This remarkable performance is revealed in its H1 2023 financial report, where it also claims the top position as the number one Tier-1 capital lender in the growing industry. The bank's financial success has exceeded analysts' expectations, especially considering it set a dividend payment record to shareholders for the 2022 financial year just six months ago. This achievement was notable as it was accomplished within three years of entering the non-interest banking space, a feat unprecedented in Nigeria's banking history of over a century.

In addition to this, earlier this year, TAJBank made history by becoming the first corporate entity in Nigeria to list its first tranche of N100 billion Sukuk Bond on the Nigerian Exchange Limited. A closer look at the bank's audited financial statement indicates a 58 percent increase in total assets, rising from N212.021 billion in December 2022 to N335.017 billion by the end of June 2023. Gross earnings also saw a 67 percent increase, going from N136.149 billion at the end of December 2022 to N227.031 billion by June this year.

Hamid Joda, the founder/CEO of TAJBank, attributed this success to proactive strategies and a well-trained personnel team that met customer expectations. The bank's financing grew significantly by 62 percent, deposits increased to N251.250 billion, and total equity surged by 88 percent.

In conclusion, TAJBank's remarkable performance showcases the impact of hard work and dedication. The bank's focus on customer satisfaction is evident, with investments in technology, digital payment solutions, and expansion plans through branch openings to promote non-interest financial inclusion. The bank's leadership acknowledges the trust and support of its customers and shareholders and vows to continue delivering exceptional service and protecting their interests.