TAJBank Made N845M Profit After Tax in 2020

TAJBank, a non-interest banking services provider has recorded earnings per share (EPS) of N11.82 for the year ended December 31, 2020.

The EPS, which represented an appreciation of 1,182 per cent on every N1 investment by shareholders, was said to be the highest in the banking industry.

In all, the lender reported N845 million profit after tax (PAT) in its first year of operations, just as its other performance indices recorded an upswing. This, it explained demonstrated the management’s superior financial competencies to create sustainable value for its various stakeholders.

Tajbank’s scorecard was achieved during the financial year amid the devastating impact of the COVID-19 pandemic on the global, and particularly Nigeria’s economic landscape.

In addition, TAJBank grew its total assets from N9.2 billion in 2019 to N50 billion in 2020, representing a 443 per cent increase and a remarkable growth. The bank also grew its agency banking network (TAJExpress), to over 3,000 agents within its first year of operations.

Commenting on the bank’s impressive performance in its maiden year and capacity to break even within nine months of operation, the Founder and Chief Operating Officer, TAJBank, Mr. Hamid Joda, said the feat was indicative of the massive amount of support and encouragement from various bodies and individuals within a period of nine years of operations.

“Breaking even in nine months of operation is a laudable feat and we are appreciative of the enormous support and encouragement that we have received so far.

“We assure our customers that we will continue to ts explore the business landscape with a view to consistently deliver on our mission to provide the very best of products and services to our customers,” Joda said.

Also speaking, the Co-founder and Chief Marketing Officer of the bank, Mr. Sherif Idi, said:

“In our business environment, creating products and services that fully resonate with our customers while addressing their needs is a priority.

“We are delighted with the satisfaction rate and feedback we have received so far on TAJBank, a thought leader in the increasingly dynamic non-interest banking sub-segment of the banking industry, and its numerous value-adding services to customers.”