TAJBank sets new record, pays dividend in 3 years

TAJBank Limited, Nigeria’s fast-growing and technology-driven non-interest banking services provider, has set a new record in the nation’s banking system with the payment of dividend to its shareholders just three years of its operations.

Available data on banking industry’s audited financial reports indicated that no bank had achieved such a remarkable feat in the over 100 years of the sector’s history.

Addressing the shareholders at the meeting, the Board chairman, Alhaji Tanko Isiaku Gwamna, recounted the global economic whirlwinds in the past two years as well as the macroeconomic developments in the nation’s economic space, especially the surging inflation rate, with the attendant negative impacts on businesses.

On the dividend issue, he said: “On behalf of the Board, I am pleased to inform our shareholders that we have recommended a scrip dividend payment of 1 share for every 10 shares, subject to shareholders’ approval. We remain committed to promoting business expansion and success while making sure that a sizeable amount of our profits is set aside for you.”

In his report, the bank’s Managing Director/CEO, Mr. Hamid Joda, described the FY 2022 as a significant milestone in the journey of the non-interest lender despite the headwinds that characterized the operating environment as the management was able to deliver on key strategic goals through relentless execution, backed by a positive culture and delivery on high-impact projects.

On the bank’s financial performance in FY 2022, Joda reported that TAJBank recorded remarkable growth across key indices during the year as its balance sheet grew by over 93% from N110 billion recorded in FY 2021 to N212 billion while its Profit Before Tax (PBT) also surged from N1.6 billion in FY 2021 to N5.081 billion in 2022 financial year.

Speaking to journalists shortly after the AGM, a leading financial expert and an Independent Non-Executive Director of the bank, Alhaji Tata Shekaru Omar, lauded the Board and Management for innovatively positioning TAJBank at the leading edge of competition in the nation’s increasingly dynamic financial services market.