TAJBank’s gross earnings hit N32 bn, pays dividends in half year – CEO

TAJBank Limited gross earnings for half year (June) 2024 has hit N32.8 billion from N17 billion recorded in 2023 financial year, the bank’s Chief Executive Officer, Mr. Hamid Joda, says.

Joda said in a statement in Abuja on Monday, that the amount represented 93 per cent increase over the preceeding year’s earnings.

He said that the bank also paid 10 per cent cash as interim dividend to its shareholders in the half year under review, following the approval of the financial statements by the Central Bank of Nigeria (CBN).

Joda said that shareholders’ fund also rose from N5 billion in 2019 to over N53 billion in June 2024, representing 960 per cent growth in the investors’ fund.

According to him, the payment of the second tranche of dividends to our shareholders barely four years of TAJBank’s operations is historic.
”This is the first time such a feat is recorded in the over 100 years of banking services in Nigeria.

”With this milestone, the bank’s board and management are telling investors in Nigeria and outside the country that TAJBank will consistently add value to their investments.

”We will continue to reward them for their confidence in our bank, not only financially, but also in creating opportunities for them to grow their businesses and improve their wellbeing,” he said.

The bank’s Executive Director, Mr Sherif Idi, said that the financial performance in the half year 2024 demonstrated the bank’s resilience and its management’s zeal for excellence in all areas of its operations.

”Let me emphasise here that we are very grateful to all the shareholders and urge them to always support the board and management in their sustained efforts to transform TAJBank to the foremost non-interest bank in Africa,” he said.

It was reported that TAJBank had in 2022 (Financial Year) raised its earnings per share from N31.06 kobo to N65.40k per share, indicating 114.56 per cent on improved returns on investments.