Nigeria’s Second Non-Interest Bank, TAJBank, records highest EPS in banking industry, N845m PAT

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Ndaman Joshua Olayinkahttp://www.yinksmedia.com
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TAJBank, the second non-interest banking services provider to commence operations in Nigeria has recorded the highest earning per share (EPS) in the nation’s banking industry.

In the financial year 2020, it’s shareholders earning was N11.82 per share, a growth of 1,182 percent on every N1 investment. In addition, the lender reported N845 million Profit After Tax (PAT) in its first year of operations ending December 31, 2020.

Despite the devastating impact of the COVID-19 pandemic on the global, and particularly Nigeria’s economic landscape, TAJBank grew its total assets from N9.2billion in 2019 to N50 billion in 2020, representing a 443% increase and a remarkable growth. The bank also grew its agency banking network (TAJExpress), to over 3,000 agents within its first year of operations.

With the increase in electronic frauds threatening the global banking system, TAJBank has guaranteed the safety of depositors’ and investors’ funds, recording no single incidence of fraud since inception.

In addition, TAJBank grew its total assets from N9.2 billion in 2019, to N50 billion in 2020, representing a 443 per cent increase and a remarkable growth. The bank also grew its agency banking network (TAJExpress), to over 3,000 agents within its first year of operations.

Commenting on the bank’s performance in its first full financial year and capacity to break even within nine months of operation, the Founder and Chief Operating Officer, Mr. Hamid Joda, said the feat “is indicative that in this short period of business operation, we have received such a massive amount of support and encouragement from various bodies and individuals. 

“Breaking even in nine months of operation 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 ts 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”, Joda added. 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”, Idi stressed.

Read more: UBA records 18.5% earnings growth, N132bn profit

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