TAJBank pays 3rd dividend in five years, as total assets grow by 84%

TAJBank Limited, one of Nigeria’s leading non-interest financial institutions, has continued its strong performance streak with the announcement of a 20 kobo per share dividend to shareholders for the 2024 financial year.

In a statement issued on Monday in Abuja, the bank’s Founder and Chief Executive Officer, Hamid Joda, confirmed the dividend payout, describing it as the third return on investment to shareholders within the bank’s five years of operations.

Joda noted that based on available industry data, TAJBank’s 2024 dividend ranks among the most competitive in the banking sector when assessed by earnings per share and dividend-to-share value ratio.

Providing insight into the bank’s financial performance, Joda stated: “TAJBank’s total assets grew from N518.33 billion in 2023 to N953.10 billion in 2024, reflecting an 84 percent year-on-year increase.

“Its gross earnings also rose from N43.2 billion in 2023 to N75.5 billion in 2024, indicating 80 percent growth,” he said.

The bank also recorded a notable increase in its deposit base, which expanded by 89 percent from N369.33 billion in 2023 to N696.34 billion in 2024.

Profit before tax (PBT) grew by 61 percent, reaching N18.2 billion, up from N11.3 billion in the previous year, alongside other key financial achievements.

“With the payment of a third dividend within just five years, TAJBank’s Board and management have once again reaffirmed their commitment to prioritising shareholder value,” Joda added.

He credited the bank’s consistent success to “proactive strategies and innovative service delivery,” assuring investors that their interests would remain at the core of TAJBank’s operations.

Echoing Joda’s sentiments, TAJBank Co-Founder and Executive Director, Sherif Idi, described the latest dividend as a landmark that reinforces the bank’s core mission.

“This payout reflects our unwavering focus on delivering value not only to shareholders but also to customers and the wider public,” Idi said.

He thanked shareholders for their ongoing support and encouraged them to recommend TAJBank to others, assuring that such investments would continue to yield long-term rewards.