TAJBank, Nigeria’s fastest-growing non-interest lender, has reported an 84% increase in total assets to ₦953.10 billion for its 2024 financial year, as it continues to expand its footprint in the country’s banking sector.
The bank also announced a 20 kobo per share dividend—its third in five years—highlighting a consistent focus on shareholder value since its establishment in 2019.
The bank’s gross earnings rose to ₦75.5 billion, an 80% increase from ₦43.2 billion in 2023. Profit before tax climbed 61% to ₦18.2 billion, compared to ₦11.3 billion a year earlier. TAJBank’s deposit base also showed significant growth, rising by 89% from ₦369.33 billion to ₦696.34 billion.
“With the payment of the third dividend to the shareholders within five years of operations, TAJBank’s board and management have again demonstrated that investors’ interest remains a priority,” Hamid Joda, TAJBank’s Founder and Chief Executive Officer said. “The sterling performances of TAJBank these past years clearly attest to the management’s proactive strategies and innovativeness in service delivery.”
Read also: TAJBank signs agreement for N20bn Mudarabah Sukuk issuance
Operating under Islamic banking principles, TAJBank provides shariah-compliant financial services in a market largely dominated by conventional lenders. Its growth has been driven by a technology-focused approach, competitive profit-sharing models, and expanding client adoption of ethical finance.
The bank said its 2024 dividend represents one of the highest dividend-to-share value ratios among Nigerian banks for the year. The consistent dividend payouts have set the institution apart as it continues to build investor trust and expand its reach.
Sherif Idi, co-founder and executive director, emphasised the bank’s long-term commitment to its stakeholders. “The payment of the third dividend to our shareholders at the end of FY2024 is historic and aligns with the primary goal of TAJBank being in business, which is to continually serve the interests of our shareholders, customers, and the public,” Idi said.
“We want to thank all our shareholders for contributing to the growth of the bank and also urge them to encourage their friends to invest in TAJBank, as doing so will guarantee them sustained benefits,” he added.
Founded in 2019, TAJBank has rapidly emerged as a key player in Nigeria’s non-interest banking sector, and is pursuing aggressive expansion drive, aimed at enhancing its business operations and further solidify its position in the market.
Recently, it announced plans to issue a N20 billion Mudarabah sukuk bond as part of the strategic initiative to bolster its capital base.
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