Non-Interest Banking: TAJBank Is The Market Leader In Tier-1 Capital And PBT

In the first half of 2023, TAJBank Limited—Nigeria’s most rapidly expanding and technologically advanced non-interest banking services provider—once again broke new ground in the non-interest banking sector.

The bank posted strong results in financial indices, especially in obtaining the highest Tier-1 capital in the non-interest banking industry during the six-month period.

Similarly, the non-interest lender’s audited financial records showed a sharp increase in its Profit Before Tax (PBT) to N6.019 billion, above analysts’ estimates and ranking top in the banking subsector.

Barely three years after making its banking debut, the bank’s most recent financial performance achievements occurred just six months after it broke the industry record by paying a dividend to its stockholders at the conclusion of the 2022 fiscal year. No bank in Nigeria’s more than a century of banking has accomplished this accomplishment.

As the first company in Nigerian history to list the first tranche of N100 billion Sukuk Bonds on the Nigerian Exchange Limited (NGX) following the successful issue, TAJBank also created history early this year.

Further examination of the most recent audited financial statements for the non-interest and cutting-edge lender in H1 2023 revealed that while its Gross Earnings increased by 67% from N136.149 billion at the end of December 2022 to N227.031 billion at the end of June this year, its Total Assets increased by 58% from N212.021 billion in December 2022 to N335.017 billion at the end of June 2023.

According to the bank’s H1 2023 financial scorecard, additional highlights included a significant 62% increase in financing from N78.235 billion in December 2022 to N126.725 billion in H1 2023; a significant 88% growth in total equity from N19.135 billion in December 2022 to N36.706 billion in H1 2023; and a significant increase in deposits from N161.958 billion to N251.250 billion.

Speaking about the bank’s exceptional performance during the reviewed period, Mr. Hamid Joda, Founder and CEO of TAJBank, attributed the financial indices achievement to the management’s increasingly proactive approaches in responding to emerging trends in non-interest banking and the deployment of the appropriate resources, particularly highly trained staff, to meet the expectations of the bank’s clientele.

He said: “What I can say about TAJBank’s latest scorecard is that we have demonstrated that hard work pays. As we have maintained over the past three years, our interest is in our customers and we are pursuing this goal with all resources available to us to tell the whole world that “TAJBank is the way to go” in non-interest banking.”

“To demonstrate our commitment to this customer-friendly corporate slogan, we are investing in world-class technologies and digital payment solutions in our services nationwide. Also, in pursuit of our non-interest financial inclusion drive, we have also opened five branches this year and plan to open more in other states in the next few months”, Joda stated.

In his brief remarks, the bank’s Co-Founder/Executive Director, Sherif Idi, linked the achievements to the bank’s shareholders and customers, stating that “our thanks go to our growing customers and shareholders whose belief in our vision and capacity to drive TAJBank to the leading edge of market competition has taken us this far.”

“Let me assure them that TAJBank’s management and staff will continue to do its best to serve them better and protect their interests, which we value so much in all areas of operations”, the banker

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