TAJBank Restricted reported an 84% enhance in complete property in its full-year 2024 monetary efficiency, rising from N518.33 billion in 2023 to N953.10 billion.
The bank disclosed this in a press assertion made out there to Nairametrics on Monday.
The Abuja-based non-interest bank, which started operations 5 years in the past, additionally paid a dividend of 20 kobo per share to shareholders, marking its third dividend payout since inception.
In response to the bank, the dividend represented one of many highest payout ratios relative to share worth throughout the banking {industry} within the 12 months beneath assessment, based mostly on out there earnings per share knowledge.
Deposits up 89%, earnings additionally surge
TAJBank mentioned its customer deposit base grew by 89%, rising from N369.33 billion in 2023 to N696.34 billion in 2024. Gross earnings rose by 80% year-on-year, reaching N75.5 billion, up from N43.2 billion within the earlier 12 months.
- The assertion additional revealed that complete gross revenue, based mostly on broader measures, elevated to N467.38 billion from N271.92 billion in 2023, representing a 72% year-on-year rise. Revenue earlier than tax additionally climbed by 61%, from N11.3 billion in 2023 to N18.2 billion in 2024.
- The bank didn’t disclose its internet revenue or cost-to-income ratio within the assertion.
What you must know
The 20 kobo dividend payout comes at a time when many banks are navigating regulatory adjustments, international change volatility, and the continuing industry-wide recapitalisation directive from the Central Bank of Nigeria.
TAJBank’s CEO, Hamid Joda, mentioned the choice to pay dividends was per the bank’s coverage to prioritise shareholder pursuits regardless of macroeconomic challenges.
“With the fee of the third dividend to the shareholders inside 5 years of operations, TAJBank’s Board and administration have once more demonstrated that buyers’ curiosity stays a precedence of their drive to maintain the bank on the forefront of the non-interest banking area in Nigeria.
“The sterling performances of TAJBank these previous years clearly attest to the administration’s proactive methods and innovativeness in service supply, and I need to guarantee our buyers that their pursuits will at all times be prioritized in our operations always,” he mentioned.
Sherif Idi, the bank’s Co-Founder and Govt Director, described the dividend as “historic” and urged shareholders to proceed supporting the bank’s growth plans.
TAJBank’s asset progress brings it nearer to the N1 trillion mark, a milestone that locations it amongst mid-sized Nigerian banks by asset dimension. The expansion in deposits and earnings suggests rising adoption of non-interest monetary providers, notably amongst retail and SME segments.
TAJBank operates beneath the Islamic banking framework, providing merchandise that adjust to Shari’ah rules. It stays one of many few licensed non-interest banks in Nigeria, alongside gamers like Jaiz Bank.
Fitch Scores earlier famous that Nigeria’s Islamic finance {industry} is prone to increase from the second half of 2025 by 2026 on the again of accelerating sovereign sukuk issuances and Islamic banking property, pushed by new paid-in capital necessities and regulatory strikes to develop the {industry}.
In response to Fitch, non-interest banks’ property recorded a progress of 110% year-o-year as of end-2024, pushed by a major enhance from deposits and loans, every greater than doubling in worth.
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