TAJBank Reports 11.3bn PBT in FY2023, Highest in Non-interest Banking
Oluchi Chibuzor
Nigeria’s fastest growing 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 PBT of the award-winning lender represented a 122.65% increase over the N5.08 billion PBT it reported in FY 2022.
The bank also recorded 149.13% growth in gross earnings from N17.323 billion in 2022 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% from N212.021 billion in FY2022 to N518.335 billion in 2023 financial year.
Similarly, the bank 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% increase year-on-year.
The bank’s gross deposits grew by over 128% in financial year 2023 from N161.958 billion in FY 2022 to N369.337 billion despite the serious whirlwinds in the economy.
Following the performance, its earnings per share rose from N31.06 kobo in 2022 to N65.40k per share in the year under review, indicating 114.56% improvement in the return on investment for the shareholders.
Commenting on the results, the Founder/CEO, Mr. 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.”
In his remarks, the bank’s Co-Founder/ Executive Director, Mr. Sherif Idi, enthused: “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.”
