TAJBank Limited, a non-interest bank, has recorded N1.6 billion profit before tax (PBT), representing an increase of 433 per cent in its second year of operations.
According to a statement by the bank, it also recorded a 117% growth in gross revenue from N3.3bn in the 2020 financial year to N7.2bn in 2021.
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The bank is a multiple award-winning lender, which recently received the Payment Card Industry Data Security Standard (PCI DSS) certification in recognition of its globally recognised information security standards in its operations.
It further recorded positive indicators showing remarkable growth including a rise in its balance sheet figure from N50bn in FY2020 to N110bn in FY2021, which is a 122% growth.
The bank also achieved a leap in shareholders’ funds during the year, which also marked some great improvements in the bank’s financial results coming from the previous year.
TAJBank’s customer deposit grew by 99% representing the highest in the industry while the bank rapidly expanded by adding 22 new branches and business offices last year.
Speaking on the financial results, the Managing Director/CEO, Mr Hamid Joda, said: “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 pre-operational expenses in the first year of operation. Generally, the bank has continued to record excellent financial performance within the short period of its existence.”