By Ayomide Otitoju
TAJBank Limited, one of Nigeria’s rapidly growing non-interest banks, has achieved a historic milestone by paying dividends to its shareholders at the end of the half-year period ending June 2024. This marks the second dividend payout within the bank’s four years of operation, setting a new record in Nigeria’s banking sector.
The bank distributed a 10% interim dividend to its shareholders following the approval of its financial statements by the Central Bank of Nigeria. TAJBank’s shareholders’ fund saw an impressive growth of 960%, soaring from N5 billion in 2019 to over N53 billion by June 2024.
According to the bank’s statement, gross earnings for the first half of 2024 rose by 93%, reaching N32.85 billion, up from N17.02 billion in the same period in 2023.
During a virtual briefing on the bank’s half-year financial results, TAJBank’s Founder and Chief Executive Officer, Hamid Joda, described the dividend payment as “historic,” noting that this achievement was unprecedented in over a century of banking in Nigeria. “The payment of this second tranche of dividends to our shareholders, barely four years into TAJBank’s operations, is a testament to the bank’s commitment to adding value for investors,” Joda said.
He emphasized that the bank’s strong financial performance reflects its proactive management strategies and innovative product offerings. “Our aim is to surpass customer expectations and demonstrate that our purpose in business is to serve the interests of our clients and investors,” Joda added.
TAJBank’s Co-founder and Executive Director, Sherif Idi, also highlighted the bank’s resilience and excellence in its half-year performance. “We are grateful to our shareholders for their continued support and urge them to back the board and management in our goal to transform TAJBank into Africa’s leading non-interest bank,” Idi stated.
Last year, TAJBank raised its earnings per share by 114.56%, from N31.06 in FY2022 to N65.40 per share, further underscoring its remarkable growth trajectory.
