TAJBank Records Highest Tier-1 Capital, PBT

Cat:

Related stories

Revealed! The most beautiful city in Africa

Europe is home to several famous mega-cities, from London...

Elon Musk’s Fortune Plummets By $34 Billion As Feud with Trump Escalates

By Abiola Olawale Tech billionaire and founder of Tesla, Elon...

Gov. Umo Eno: Why I Dumped PDP For APC

By Kolawole Ojebisi After weeks of dilly-dallying which fuelled widespread...

[Video] Akwa Ibom: Gov Umo Eno Officially Defects to APC in Major Political Shift

By Abiola Olawale Akwa Ibom State Governor Umo Eno has...

Otedola Hails Dangote’s Refinery As “Eighth Wonder Of The Modern Era”

Applauds Tinubu’s Vision By Kolawole Ojebisi Nigerian businessman, Femi Otedola,...

By Agency Report

TAJBank Limited, a Nigeria’s non-interest bank has recorded the highest Tier-1 capital in the non-interest banking sub-sector in the first half of 2023.

This is according to a statement by TAJBank’s Chief Executive Officer (CEO), Mr Ahmed Joda

Joda said that the audited financial statements of the bank also reflected an increase in its Profit Before Tax (PBT) to N6.019 billion, which is the highest in the banking sub-sector and surpassed analysts’ projections.

The News Agency of Nigeria (NAN) reports that TAJBank also made history early this year when it listed the first tranche of N100 billion Sukuk Bond on the Nigerian Exchange Limited (NGX) after the successful issuance.

Joda said that a further analysis of the latest audited financial statements showed that its total assets rose from N212.021 billion in December 2022 to N335.017 billion at the end of June 2023.

He said that the figures indicated a 58 per cent increase.

“Its gross earnings increased by 67 per cent from N136.149 billion at the end of December 2022 to N227.031 billion as of the end of June.

“Other highlights of the bank’s financial scorecard in first half of 2023 reflected that the financing also significantly increased by 62 per cent from N78.235 billion recorded as of December 2022 to N126.725 billion by June.

“The deposits base surged to N251.250 billion from N161.958 billion as of December 2022; while its total equity grew by 88 per cent from N19.135 billion in December 2022 to N36.706 billion as of June,’” he said.

Joda, attributed TAJBank’s enviable feat to the increasingly proactive strategies being adopted by the management to respond to emerging trends in non-interest banking and deployment of the right resources.

“What I can say about TAJBank’s latest scorecard is that we have demonstrated that hard work pays.

“As we have maintained over the past three years, our interest is in our customers and we are pursuing this goal with all resources available to us to tell the whole world that TAJBank is the way to go in non-interest banking.

“To demonstrate our commitment to this customer-friendly corporate slogan, we are investing in world-class technologies and digital payment solutions in our services nationwide, ” he said.

“In pursuit of non-interest financial inclusion drive, we have also opened five branches this year and plan to open more in other states in the next few months”, he said.

TAJBank’s bank’s Executive Director, Mr Sherif Idi, said that the successes were made possible by the bank’s shareholders and customers.

“Our thanks go to our growing customers and shareholders whose belief in our vision and capacity to drive TAJBank to the leading edge of market competition has taken us this far.

“Let me assure them that TAJBank’s management and staff will continue to do its best to serve them better and protect their interests, which we value so much in all areas of operations”,he said.(NAN)

 

The New Diplomat
The New Diplomathttps://newdiplomatng.com/
At The New Diplomat, we stand for ethical journalism, press freedom, accountable Republic, and gender equity. That is why at The New Diplomat, we are committed to speaking truth to power, fostering a robust community of responsible journalism, and using high-quality polls, data, and surveys to engage the public with compelling narratives about political, business, socio-economic, environmental, and situational dynamics in Nigeria, Africa, and globally.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

[tds_leads input_placeholder="Your email address" btn_horiz_align="content-horiz-center" pp_msg="SSd2ZSUyMHJlYWQlMjBhbmQlMjBhY2NlcHQlMjB0aGUlMjAlM0NhJTIwaHJlZiUzRCUyMiUyMyUyMiUzRVByaXZhY3klMjBQb2xpY3klM0MlMkZhJTNFLg==" pp_checkbox="yes" tdc_css="eyJhbGwiOnsibWFyZ2luLXRvcCI6IjMwIiwibWFyZ2luLWJvdHRvbSI6IjQwIiwiZGlzcGxheSI6IiJ9LCJwb3J0cmFpdCI6eyJtYXJnaW4tdG9wIjoiMTUiLCJtYXJnaW4tYm90dG9tIjoiMjUiLCJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3NjgsImxhbmRzY2FwZSI6eyJtYXJnaW4tdG9wIjoiMjAiLCJtYXJnaW4tYm90dG9tIjoiMzAiLCJkaXNwbGF5IjoiIn0sImxhbmRzY2FwZV9tYXhfd2lkdGgiOjExNDAsImxhbmRzY2FwZV9taW5fd2lkdGgiOjEwMTksInBob25lIjp7Im1hcmdpbi10b3AiOiIyMCIsImRpc3BsYXkiOiIifSwicGhvbmVfbWF4X3dpZHRoIjo3Njd9" display="column" gap="eyJhbGwiOiIyMCIsInBvcnRyYWl0IjoiMTAiLCJsYW5kc2NhcGUiOiIxNSJ9" f_msg_font_family="downtown-sans-serif-font_global" f_input_font_family="downtown-sans-serif-font_global" f_btn_font_family="downtown-sans-serif-font_global" f_pp_font_family="downtown-serif-font_global" f_pp_font_size="eyJhbGwiOiIxNSIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_weight="700" f_btn_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_transform="uppercase" btn_text="Unlock All" btn_bg="#000000" btn_padd="eyJhbGwiOiIxOCIsImxhbmRzY2FwZSI6IjE0IiwicG9ydHJhaXQiOiIxNCJ9" input_padd="eyJhbGwiOiIxNSIsImxhbmRzY2FwZSI6IjEyIiwicG9ydHJhaXQiOiIxMCJ9" pp_check_color_a="#000000" f_pp_font_weight="600" pp_check_square="#000000" msg_composer="" pp_check_color="rgba(0,0,0,0.56)" msg_succ_radius="0" msg_err_radius="0" input_border="1" f_unsub_font_family="downtown-sans-serif-font_global" f_msg_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_size="eyJhbGwiOiIxNCIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_weight="500" f_msg_font_weight="500" f_unsub_font_weight="500"]

Latest stories

NDN
Latest News
Revealed! The most beautiful city in AfricaElon Musk’s Fortune Plummets By $34 Billion As Feud with Trump EscalatesGov. Umo Eno: Why I Dumped PDP For APC[Video] Akwa Ibom: Gov Umo Eno Officially Defects to APC in Major Political ShiftOtedola Hails Dangote's Refinery As "Eighth Wonder Of The Modern Era"Tears as Mohammed Uwais, ex- Chief Justice of Nigeria, Dies at 89Trump Slams Musk in Explosive Fallout Over Policy ClashNo Untouchables, I'll 'Touch' Abuja Wealthy And Heavens Won't Fall -- Wike BoastsTears As Nigeria's Ex-Ambassador To US, Jubril Aminu, Dies At 85"Why Wike's Politics Should Be Studied At Universities," Says Ooni of IfeUsing FOI Act As Blackmail tool Not Activism But Sabotage -- NEITI WarnsOil Prices Rise Despite OPEC+ Output Hike PlansTop 10 wealthiest cities in the world in 2025Ruto Teases Kenyan Men: Nigerians Marrying Our Women...'Balance This Scale' To Avoid Brain DrainTrump, Biden Clash Over Probe Into Alleged Cover-Up of Health Crisis
X whatsapp