TAJBank Declares 10% Dividend After 960% Growth In Funds

TAJBank Limited, Nigeria’s leading and fastest-growing non-interest bank, has declared a 10 percent dividend cash out for the half-year ending June 2024.

This was recently announced  after receiving approval from the Central Bank of Nigeria (CBN), marking its second dividend payout in just four years of operation.

As Nigeria’s most innovative non-interest lender, TAJBank continues to surpass expectations. The bank’s latest financial report reveals that its shareholders’ fund skyrocketed from ₦5 billion in 2019 to over ₦53 billion by June 2024. This outstanding 960 percent growth is a clear reflection of the bank’s strategic financial management and exceptional performance in the Nigerian banking industry.

In addition to the remarkable growth in shareholders’ funds, TAJBank’s gross earnings surged to ₦32.846 billion in the first half of 2024, up from ₦17.022 billion in the 2023 financial year. This 93 percent increase demonstrates the bank’s resilience and its ability to thrive in Nigeria’s challenging economic environment, especially within the competitive landscape of non-interest banking.

During a recent virtual media briefing, Mr. Hamid Joda, Founder and Chief Executive Officer (CEO) of TAJBank, described the dividend payout as a significant achievement in the bank’s short history.

“Paying out our second tranche of dividends within four years is historic and unprecedented in Nigeria’s banking history. It sends a clear message to both local and international investors that TAJBank is committed to delivering long-term value and rewarding confidence in our institution,” Mr. Joda remarked.

He further highlighted TAJBank’s commitment to innovation and excellence in financial management. He emphasized the bank’s goal of not only delivering financial returns to shareholders but also creating business growth opportunities for them.

“The exceptional financial performance seen in the latest report highlights our management’s proactive strategies in product innovation and service delivery, aimed at exceeding customer expectations and positioning TAJBank as a leader in Africa’s non-interest banking sector.”

Co-founder and Executive Director of TAJBank, Mr. Sherif Idi, also commended the bank’s impressive half-year performance in 2024, attributing its success to the management’s relentless pursuit of excellence.

“The outstanding financial results speak volumes about the resilience and commitment of our leadership team. We are grateful for the continued support of our shareholders and remain focused on transforming TAJBank into the leading non-interest bank in Africa.”

TAJBank has consistently set benchmarks in the industry, especially with its remarkable performance in shareholder returns. In 2023, the bank raised its earnings per share (EPS) from ₦31.06 kobo in FY2022 to ₦65.40 kobo, delivering a 114.56 percent improvement in shareholder value.

TAJBank’s phenomenal growth trajectory reaffirms its status as a key player in Nigeria’s non-interest banking industry. As the bank continues to drive innovation and deliver value to its investors, it is solidifying its reputation as one of the most profitable and customer-centric banks in West Africa’s financial ecosystem.