TAJBank Limited, a pioneer in Nigeria’s non-interest banking sector, recorded a significant rise in total assets, which soared to N953.10 billion in 2024, up from N518.33 billion in 2023 — an impressive 84% increase. This financial leap comes as the institution rewards shareholders with a dividend of 20 kobo per share, marking its third dividend disbursement since its inception five years ago.
In a statement issued by the bank, it was revealed that the latest dividend, calculated based on earnings per share, ranks among the most generous shareholder returns in terms of dividend-to-stock value across the Nigerian banking landscape.
Beyond the asset expansion and dividend issuance, TAJBank also recorded notable improvements in key financial metrics. Its gross revenue jumped by 72%, reaching N467.38 billion from N271.92 billion the previous year. Pre-tax profit rose by 61% to N18.2 billion, compared to N11.3 billion in 2023. Additionally, its total customer deposits climbed by 89%, totaling N696.34 billion, up from N369.33 billion.
Reacting to the bank’s performance in the 2024 fiscal year, especially the dividend distribution despite economic challenges, TAJBank’s Founder and Chief Executive Officer, Mr. Hamid Joda, said, “With the payment of our third dividend within five years of operations, TAJBank’s Board and management have once again demonstrated that investors’ interests remain a priority in sustaining the bank’s leadership in Nigeria’s non-interest banking space.
“The sterling performance of TAJBank over the past years clearly attests to our proactive strategies and innovative service delivery. I want to assure our investors that their interests will always be prioritised.”
TAJBank’s Co-Founder and Executive Director, Mr. Sherif Idi, emphasized the significance of the dividend declaration, stating, “The payment of a third dividend to our shareholders at the end of FY2024 is historic. It aligns with TAJBank’s primary goal of continually serving the interests of our shareholders, customers, and the public.”
He further acknowledged the support from stakeholders, adding, “We thank our shareholders for contributing to the bank’s growth and urge them to encourage their friends to invest in TAJBank, as doing so guarantees sustained benefits.”
In another development, TAJBank successfully concluded the execution of the agreement for the second tranche—worth N20 billion—of its larger N100 billion Mudarabah Sukuk issuance programme.
