TAJBank Delivers Third Dividend in Five Years as Assets Surge 84%
TAJBank posts robust 2024 financial results with ₦953bn in assets, strong earnings growth, and 20 kobo dividend—signaling rising investor confidence in Nigeria’s non-interest banking sector.
In a move that underscores its fast-rising stature in Nigeria’s banking industry, TAJBank Limited, the nation’s leading non-interest financial institution, has announced the payment of a 20 kobo per share dividend to shareholders for the 2024 financial year—its third payout in just five years of operation.
The dividend announcement was made by TAJBank’s Founder and Chief Executive Officer, Hamid Joda, in Abuja on Monday. Joda noted that the consistent return on investment was reflective of the bank’s commitment to value creation, particularly in an increasingly competitive financial services landscape.
“We are pleased to once again reward our investors. This marks the third dividend in five years—a performance that distinguishes us among Nigeria’s banking peers in both value and frequency,” Joda stated.
According to available market data, TAJBank’s dividend ranks among the top in the banking sector, especially when assessed by dividend-to-share value ratio and earnings per share (EPS). This performance continues to validate the bank’s non-interest banking model as both sustainable and investor-friendly.
Impressive Financial Highlights
TAJBank’s audited financial results for 2024 present a picture of rapid growth and sound financial stewardship:
- Total assets rose sharply from ₦518.33 billion in 2023 to ₦953.10 billion in 2024, reflecting an 84% year-on-year growth.
- Gross earnings climbed to ₦75.5 billion, up 80% from ₦43.2 billion in the previous year.
- Customer deposits surged by 89%, growing from ₦369.33 billion to ₦696.34 billion, showing deepening customer confidence.
- Profit Before Tax (PBT) hit ₦18.2 billion, up 61% from ₦11.3 billion in 2023.
These results not only reinforce TAJBank’s profitability trajectory but also highlight the growing market acceptance of non-interest (Islamic) banking models in Nigeria’s mainstream financial ecosystem.
Joda credited the performance to strategic innovation and the bank’s unwavering focus on ethical financial services, stating:
“Our performance is the result of visionary execution and innovative service delivery. For us, shareholders are not just investors—they are stakeholders in our mission to redefine financial services in Nigeria.”
Sustained Investor-Centric Strategy
Co-founder and Executive Director, Sherif Idi, described the dividend payout as “historic” and aligned with TAJBank’s founding philosophy of inclusive and ethical banking.
“This is not just a financial milestone—it’s a statement of purpose. TAJBank was built to serve and empower. We thank our shareholders for their belief in our vision and invite more Nigerians to join us as we continue to scale impact,” Idi remarked.
TAJBank’s rise has positioned it as a credible alternative in the Nigerian financial sector, particularly for ethically-minded investors and customers seeking interest-free banking services. As the Central Bank of Nigeria (CBN) pushes for financial inclusion and innovation, TAJBank’s performance is expected to serve as a benchmark for emerging players in the space.With a proven ability to deliver returns and growth within a relatively short period, TAJBank is setting the pace for sustainable banking in Nigeria’s dynamic financial sector
