• Companies
  • Updated: October 03, 2023

TAJBank Records N6 Billion Profit

TAJBank Records N6 Billion Profit

TAJBank has recorded a N6.02 billion profit before tax in the first half of 2023.

According to a statement, the bank’s latest financial performance came, barely six months after it set an industry record of paying dividends to shareholders for the 2022 financial year.

Further analysis of the financial statements of the non-interest lender in H1, 2023 showed that its total assets rose from N212.02 billion in December 2022 to N335.02 billion at the end of June 2023, indicating a 58 per cent increase; while its gross earnings increased by 67 per cent from N136.15 billonn at the end of December 2022 to N227.03 billion as of the end of June this year.

Other highlights of the bank’s financial results showed that financing also significantly increased by 62 per cent from N78.24 billion in December 2022 to N126.73 billion in H1; the deposits base grew to N251.25 bill from N161.96 billion as of December 2022; while its total equity grew by 88 per cent from N19.14 billion in December 2022 to N36.71billion as of H1 2023.

Speaking on the bank’s performance in the period under review, TAJBank’s Founder/Chief Executive Officer, Hamid Joda, said, “What I can say about TAJBank’s latest scorecard is that we have demonstrated that hard work pays.

"As we have maintained over the past three years, our interest is in our customers and we are pursuing this goal with all resources available to us to tell the whole world that TAJBank is the way to go’ in non-interest banking."

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