TAJBank Limited, one of Nigeria’s leading financial institutions and the second non-interest bank, said at the weekend that it recorded more milestones in its second year of operations with its profit before tax (PBT) surging to N1.6 billion in FY2021, representing 433 per cent improvement over the preceding year’s profit.
This is coming as the bank which recently received the Payment Card Industry Data Security Standard (PCI DSS) certification in recognition of its globally recognised information security standards in all areas of its operations, also recorded 117 per cent growth in gross revenue from N3.3 billion in FY2020 to N7.2 billion in FY2021.
In the period under review, the bank recorded positive indicators which showed the remarkable growth that the nascent bank continues to achieve. The bank’s financial results showed a rise in its balance sheet figure from N50 billion in FY2020 to N110 billion in the FY2021 recording a 122 per cent growth.
The bank also achieved a leap in shareholders’ funds during the year which also marked some great improvements for the Bank’s financial results coming from the previous year.
The non-interest bank’s audited financial statements also reflected outstanding positive indices which demonstrated its management’s professionalism in handling investors’ funds despite serious economic headwinds.
TAJBank’s drive for deposit base growth showed in the financial results as customer deposits also remarkably grew in the year under review, increasing by 99 per cent over the previous year’s value and representing the highest in the industry.
Also, the bank also rapidly expanded its branch network by 22 new branches and business offices within the period under review. Speaking on the financial results, the Managing Director/CEO, Mr. Hamid Joda, noted that “since commencing operations two years ago, TAJBank has continued to record giant strides in the financial services industry. “It is on record that we achieved break-even in our 8th month of business, recorded profit in our first year of operations while also wiping-off preoperational expenses in the first year of operation. Generally, the bank has continued to record excellent financial performance within the short period of its existence,” he added.