TAJBank Limited, one of Nigeria’s fastest-growing non-interest banks, has achieved a remarkable milestone in the country’s banking sector by paying dividends to its shareholders at the end of its half-year period ending June 2024.
This marks the second dividend payment in its fourth year of operation. In the reviewed half-year period, TAJBank declared a 10% interim dividend to its shareholders, following the approval of its financial statements by the Central Bank of Nigeria. The bank reported that its shareholders’ fund surged by an impressive 960%, growing from N5 billion in 2019 to over N53 billion by June this year.
During this period, the bank’s gross earnings climbed by 93%, rising to N32.85 billion from N17.02 billion recorded in 2023.
In a virtual meeting with journalists discussing the bank’s half-year 2024 financial results, TAJBank’s founder and CEO, Mr. Hamid Joda, remarked, “The payment of this second tranche of dividends, just four years into TAJBank’s operations, is historic. This is the first time such an achievement has been recorded in over 100 years of banking in Nigeria.”
He emphasized that this milestone demonstrates the bank’s commitment to consistently adding value to shareholders’ investments and providing opportunities for business growth and improved well-being.
Joda noted that the bank’s impressive financial results reflect the management’s proactive strategies and innovative approach to product development and service delivery, all aimed at exceeding customer expectations and showcasing the primary goal of serving their interests.
Additionally, co-founder and Executive Director, Mr. Sherif Idi, highlighted that TAJBank’s strong financial performance in the first half of 2024 illustrates its resilience and the management’s dedication to excellence across all operations.
He expressed gratitude to the shareholders and encouraged their continued support for the board and management in efforts to transform TAJBank into the leading non-interest bank in Africa, having already achieved the top ranking in Nigeria by various assessment standards in its brief operational history.
Notably, TAJBank raised its earnings per share by 114.56% last year, increasing from N31.06 in FY2022 to N65.40 per share.
