TAJBank, Nigeria’s leading interest-free banking provider said it had the highest earnings per share (EPS) in the country’s banking sector, with shareholders earning N 11.82 per share, growing 1,182% on every investment N1 achieved by them during fiscal year 2020.
It was also good that the lender reported after-tax profit (PAT) of 845 million naira in its first year of operation ending in December 2020. Its other performance indicators were also on the rise, demonstrating the superior financial skills of management to create lasting value for various stakeholders.
The performance also gives credit to the success and market acceptance of the interest-free banking model in Nigeri. The bank’s impressive dashboard was released during a fiscal year characterized by the devastating impact of the COVID-19 pandemic on the global economic landscape, and in particular Nigeria.
TAJBank’s financial statements already approved by the monetary authorities indicated that it had reached the breakeven point barely nine months after its debut in interest-free banking, having increased its total assets from 9.2 billion naira in 2019 to 50 billion naira in 2020, an increase of 443%.
Further analysis of the ethical and value-driven bank’s finances showed a 1495% growth in its deposit base, demonstrating the lender’s ability to thrive in the interest-free banking subsector through innovation and effective service delivery in the face of triggered COVID-19. disruptions in the financial sector.
The bank also extended its branch network (TAJExpress) to more than 3,000 agents during its first year of operation.
Also at a time when electronic fraud threatens the global banking system, TAJBank has ensured the safety of depositors and investors’ funds, not recording any incidents of fraud since its inception.
Commenting on the bank’s performance in its first full financial year and its ability to break even in nine months of operation, Founder and COO Mr. Hamid Joda said the achievement “ It is telling that in this short period of operation we have received tremendous support and encouragement from various organizations and individuals.
“The breakeven point in nine months of operation is a commendable achievement and we appreciate the tremendous support and encouragement we have received so far. We assure our customers that we will continue to explore the business landscape with the aim of always fulfilling our mission of providing the best products and services to our customers, ”added Joda. The bank’s co-founder and marketing director, Mr. Sherif Idi, was also enthusiastic: “In our business environment, creating products and services that fully resonate with our customers while meeting their needs is a priority. .
“We are delighted with the level of satisfaction and feedback we have received so far on TAJBank, a thought leader in the increasingly dynamic interest-free banking sub-segment of the banking industry, and its many valuable services. added for customers, ”said Idi. .