Lotus Bank yesterday gave an account of its performance three years after starting operating as a national Non-Interest Bank (NIB), saying its balance sheet grew from N30bn at the beginning to over N350bn.
Its customer base also grew by 100 per cent from 250,000 customers in 2023 to about 500,000 as of the end of October, 2024.
Executive Director of the Bank, Isiaka Ajani-Lawal disclosed this during the first inaugural media forum organised by the bank in Lagos.
He was flanked by other officers including the Chief Risk Officer, Lotus Bank, Olusesan Ajayi; Shariah Auditor, Lukman Rajih; Group Head, Public Sector, Adeoye Abiodun; Chief Audit Executive, Saheed Ekeolere; and the Divisional Head, Business Development, Tunde Lawal.
Ajani-Lawal who represented the Managing Director, Kafilat Araoye said since it commenced banking operation the bank has continued to grow its balance sheet, adding, “In terms of financial performance, we are on a good growth trajectory.”
He said, “When we started, the bank closed with a balance sheet size of N30bn then and this grew by the end of 2022 to N103bn and as at end of 2023, we closed at over N212bn in balance sheet size. As at the end of last month, based on our financials, we are over N350bn in terms of the balance sheet size.
“What you see publicly in terms of our audited account as at the end of 2023, closing the balance sheet size at N212bn.
“So in terms of customer base, we closed 2023 at over 250,000 customers and as at the end of last month (October), we are about 500,000 customers in the bank. We have 55 locations in 17 states.”
Speaking on the recapitalisation programme of the Central Bank of Nigeria (CBN), the Lotus ED stated the bank has no fear about it as it has already met the requirement while it continues to inject more capital into the system.
He explained that the bank, despite being a non-interest (Islamic) bank does not discriminate. “It is just a banking model guided by the principle of Sharia. It is a banking model available for all,” he added.
He reiterated that the bank is in compliance with the principle of Islam, which forbids interest, adding that Christianity also forbids interest as contained in Psalm 15:5.
Shariah Auditor, Lukman Rajih explained that the banking model is against anything that has to do with interest, adding, “Transaction of non-interest banking is certain and real. Something that is ambiguous is not allowed.”
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