TAJBank, Nigeria’s non-interest banking services provider, has recorded the highest earning per share (EPS) growth rate in the country’s banking industry, with shareholders earning N11.82 per N1.00 share, representing a 1,182 percent increase in the fiscal year 2020.
This is despite the fact that the lender reported N845 million in Profit After Tax (PAT) in its first year of operations, which ended in December 2020, while its other performance indicators were improving. Despite the devastating impact of the COVID-19 pandemic on the global economy, particularly Nigeria’s, the impressive performance continues.
TAJBank’s financial statements, which have already been approved by the monetary authorities, show that the lender increased its total assets from N9.2 billion in 2019 to N50 billion in 2020, a 443 percent increase.
A further examination of the bank’s financials revealed a 1,495 percent increase, while its agency banking network, TAJExpress, had over 3,000 agents in its first year of operation. TAJBank has ensured the safety of depositors’ and investors’ funds since its inception, with not a single instance of fraud recorded.
Mr. Hamid Joda, Founder and Chief Operating Officer, commented on the performance:
“ This is indicative that in this short period of business operations we have received such a massive amount of support and encouragement from various bodies and individuals. “Breaking even in nine months of operations is a laudable feat and we are appreciative of the enormous support and encouragement that we have received so far. We assure our customers that we will continue to explore the business landscape with a view to consistently deliver on our mission to provide the very best of products and services to our customers”.
The bank’s Co-founder and Chief Marketing Officer, Mr. Sherif Idi, also enthused: “In our business environment, creating products and services that fully resonate with our customers while addressing their needs is a priority. “We are delighted with the satisfaction rate and feedback we have received so far on TAJBank, a thought leader in the increasingly dynamic non-interest banking sub-segment of the banking industry, and its numerous value-adding services to customers.”