TAJBank Limited has reported gross earnings of N32.8 billion for the first half of 2024, a significant increase from N17 billion recorded in the same period of the previous year, according to the bank’s Chief Executive Officer, Mr. Hamid Joda.
In a statement released in Abuja on Monday, Joda highlighted that this figure reflects a remarkable 93 percent growth compared to the earnings of the prior year.
He also announced that the bank distributed a 10 percent cash interim dividend to its shareholders during the reviewed half-year period, following the Central Bank of Nigeria's (CBN) approval of the financial statements.
Joda noted that the shareholders' fund has surged from N5 billion in 2019 to over N53 billion as of June 2024, marking an impressive 960 percent increase in investor capital.
He described the payment of the second tranche of dividends to shareholders within just four years of TAJBank’s establishment as a historic achievement.
"This milestone is unprecedented in the century-long history of banking in Nigeria," he stated.
With this accomplishment, the bank’s board and management aim to assure both domestic and international investors that TAJBank is committed to consistently enhancing the value of their investments.
"We will continue to reward their trust in our institution, not only through financial returns but also by creating opportunities for business growth and improving their overall well-being," he added.
Mr. Sherif Idi, the bank’s Executive Director, emphasized that the financial results for the first half of 2024 reflect the bank’s resilience and the management's commitment to excellence across all operational areas.
"I want to express our gratitude to all shareholders and encourage them to continue supporting the board and management in their ongoing efforts to establish TAJBank as the leading non-interest bank in Africa," he remarked.
The News Agency reports that in the 2022 financial year, TAJBank increased its earnings per share from N31.06 kobo to N65.40 kobo, representing a 114.56 percent improvement in returns on investments.