TAJBank Pays Historic Second Dividend as Shareholders' Fund Soars by 960%
TAJBank Limited, Nigeria's rapidly expanding non-interest financial institution, has achieved a historic milestone in the country's banking sector by paying a second interim dividend within just four years of its operation. The payment, approved by the Central Bank of Nigeria (CBN), came at the end of the bank's financial half-year ending June 2024, demonstrating a 10% cash dividend for shareholders.
Key Financial Highlights:
1. Remarkable Shareholders' Growth:
TAJBank's shareholders' fund skyrocketed by 960%, growing from N5 billion in 2019 to over N53 billion by June 2024. This growth is a testament to the bank’s robust financial management and strategic investments.
2. Earnings Surge:
The bank recorded gross earnings of N32.846 billion during the first half of 2024, a significant 93% increase compared to the N17.022 billion earned in the full year of 2023.
3. Dividend Payment:
This is the second dividend TAJBank has paid out within its first four years of operation, setting a new record in Nigeria’s over 100-year-old banking industry.
Management's Remarks:
Founder and CEO, Mr. Hamid Joda, noted that the milestone emphasizes TAJBank’s commitment to consistently rewarding its shareholders despite challenging economic conditions. The bank aims to create financial value while also supporting the growth and wellbeing of its customers.
Co-founder and Executive Director, Mr. Sherif Idi, expressed gratitude to the shareholders for their continued support and highlighted the bank’s ambition to become the foremost non-interest bank in Africa.
Continued Growth:
TAJBank’s impressive financial track record continued from its strong performance in 2023 when it raised earnings per share from N31.06 kobo to N65.40 kobo, representing a 114.56% return on investment for its shareholders.
This achievement underscores TAJBank’s resilience and its leadership's dedication to excellence in product development, customer service, and financial performance.
TAJBank Limited, Nigeria's rapidly expanding non-interest financial institution, has achieved a historic milestone in the country's banking sector by paying a second interim dividend within just four years of its operation. The payment, approved by the Central Bank of Nigeria (CBN), came at the end of the bank's financial half-year ending June 2024, demonstrating a 10% cash dividend for shareholders.
Key Financial Highlights:
1. Remarkable Shareholders' Growth:
TAJBank's shareholders' fund skyrocketed by 960%, growing from N5 billion in 2019 to over N53 billion by June 2024. This growth is a testament to the bank’s robust financial management and strategic investments.
2. Earnings Surge:
The bank recorded gross earnings of N32.846 billion during the first half of 2024, a significant 93% increase compared to the N17.022 billion earned in the full year of 2023.
3. Dividend Payment:
This is the second dividend TAJBank has paid out within its first four years of operation, setting a new record in Nigeria’s over 100-year-old banking industry.
Management's Remarks:
Founder and CEO, Mr. Hamid Joda, noted that the milestone emphasizes TAJBank’s commitment to consistently rewarding its shareholders despite challenging economic conditions. The bank aims to create financial value while also supporting the growth and wellbeing of its customers.
Co-founder and Executive Director, Mr. Sherif Idi, expressed gratitude to the shareholders for their continued support and highlighted the bank’s ambition to become the foremost non-interest bank in Africa.
Continued Growth:
TAJBank’s impressive financial track record continued from its strong performance in 2023 when it raised earnings per share from N31.06 kobo to N65.40 kobo, representing a 114.56% return on investment for its shareholders.
This achievement underscores TAJBank’s resilience and its leadership's dedication to excellence in product development, customer service, and financial performance.