TAJBank grows assets 84%, pays 20 kobo dividend

Non-interest bank, TAJBank Limited, grew its total assets to N953.10bn in 2024 from N518.33bn in 2023, indicating an 84 per cent increase. This comes as the bank paid 20 kobo per share in dividends to shareholders, its third dividend payout in five years of operation.

According to a statement from the bank, the dividend payout, based on earnings per share, represents one of the highest dividend-to-share-value ratios among banks in the country.

In addition to asset growth and dividend payout, the bank’s gross earnings rose by 72 per cent to N467.38bn from N271.92bn in 2023, while profit before tax increased by 61 per cent to N18.2bn from N11.3bn. Its deposit base also grew by 89 per cent to N696.34bn from N369.33bn in 2023.

Commenting on the bank’s FY2024 financial performance, particularly the dividend payout despite macroeconomic headwinds, TAJBank’s Founder and Chief Executive Officer, Mr Hamid Joda, said, “With the payment of our third dividend within five years of operations, TAJBank’s Board and management have once again demonstrated that investors’ interests remain a priority in sustaining the bank’s leadership in Nigeria’s non-interest banking space.

“The sterling performance of TAJBank over the past years clearly attests to our proactive strategies and innovative service delivery. I want to assure our investors that their interests will always be prioritised.”

Co-Founder and Executive Director, Mr Sherif Idi, added, “The payment of a third dividend to our shareholders at the end of FY2024 is historic. It aligns with TAJBank’s primary goal of continually serving the interests of our shareholders, customers, and the public.”

He also expressed gratitude to shareholders, stating, “We thank our shareholders for contributing to the bank’s growth and urge them to encourage their friends to invest in TAJBank, as doing so guarantees sustained benefits.”