TAJBank records PLN 11.3 billion in profit and profits increase by 149%

Author: Kadiri Abdulrahman

TAJBank Limited, Nigeria’s leading non-interest bank, has reported a profit before tax (PBT) of $11.3 billion in its fourth year of operations.

According to the bank’s founder/chief executive officer (CEO), Mr. Hamid Joda, this is the best result this year in the interest-free lending sub-sector of the banking sector.

Joda said the PBT represents an increase of 122.65% over the N5.08 billion PBT it reported in 2022.

He said that the bank had previously obtained the Payment Card Industry Data Security Standard (PCI DSS) certificate, recognized as globally recognized information security standards in all areas of its operations.

“It also recorded a 149.13 percent increase in gross profits from N17.323 billion in 2022 to N43.157 billion in 2023.

“During the reporting year, TAJBank also recorded other remarkable achievements in its financial performance, with its balance sheet figures increasing by over 144 percent from USD 212.021 billion in 2022 to USD 518.335 billion in fiscal 2023.

“Likewise, the bank that won the title of ‘Best Islamic Bank in Nigeria 2023’ by Islamic Finance News (IFN’s) a few weeks ago

“It also exceeded analyst forecasts by increasing its shareholder funds during the year from N19.535 billion in 2022 to N41.825 billion in 2023, representing a year-on-year increase of 114.10%.

“Further analysis of the interest-free, innovation-driven bank showed that its gross deposits increased by over 128 percent in 2023, from N161.958 billion in 2022 to N369.337 billion, despite severe economic turmoil,” Joda said . .

He said TAJBank also motivated its shareholders by increasing its earnings per share from N31.06 kobo in 2022 to N65.40 thousand. N per share, which indicates an improvement in shareholder return of 114.56%.

Joda attributed the outstanding performance to management’s proactive strategies and adoption of service delivery innovations to exceed customer expectations.

“We would like to thank all our shareholders for their growing trust in the management board and management of TAJBank over the years.

“Our appreciation also goes to our customers who consistently appreciate that our sole interest is to continually offer them excellent products and services,” he said.

The bank’s Co-Founder/Executive Director, Mr. Sherif Idi, said that TAJBank’s key financial performance indicators clearly demonstrate that it has an unbridled drive for excellence in all areas of its operations.

“The 2023 financial results clearly demonstrate what we represent and who we are,” said Idi.(NAN)(www.nannews.ng)