Abuja: TAJBank Limited, a non-interest financial institution, has marked a milestone in the national banking sector with the announcement of a 20 kobo per share dividend distributed to its shareholders for the 2024 financial year. This achievement underscores the bank’s steady growth trajectory since its inception.
According to News Agency of Nigeria, Hamid Joda, the Founder and CEO of TAJBank, stated in a press release on Monday that this marks the third dividend payment to investors over the bank’s five-year operational period. He noted that the bank’s dividend payout is among the top in the industry, based on available data, highlighting its strong earnings per share and favorable dividend-to-share value ratio compared to other banks.
Joda further elaborated on the bank’s financial performance, revealing that TAJBank’s total assets increased significantly from N518.33 billion in 2023 to N953.10 billion in 2024, showcasing an 84% year-on-year growth. The bank’s gross earnings saw an 80% rise, reaching N75.5 billion in 2024, up from N43.2 billion the previous year.
The CEO also pointed out the substantial growth in the bank’s deposit base, which expanded by 89%, moving from N369.33 billion in 2023 to N696.34 billion in 2024. Additionally, the Profit Before Tax (PBT) rose by 61%, climbing to N18.2 billion from N11.3 billion in the prior year. These figures reflect TAJBank’s commitment to prioritizing investors’ interests through strategic management and innovative service delivery.
Sherif Idi, TAJBank’s Co-Founder and Executive Director, emphasized the significance of the third dividend payment, aligning it with the bank’s core mission to serve shareholders, customers, and the public. Idi expressed gratitude to shareholders for their role in the bank’s growth and encouraged them to advocate for further investment in TAJBank to ensure continued benefits.