TAJBank Limited has declared a 20 kobo per share dividend for the 2024 financial year, marking the third time it has paid shareholders since it began operations five years ago.
The announcement follows the bank’s audited 2024 financial results, which showed significant year-on-year growth despite economic pressures in the broader operating environment.
According to the results, total assets rose by 84 per cent from N518.33 billion in 2023 to N953.10 billion in 2024. Gross earnings grew by 80 per cent to N75.5 billion, up from N43.2 billion the previous year.
Deposits also increased by 89 per cent to N696.34 billion, while profit before tax rose by 61 per cent, from N11.3 billion to N18.2 billion.
The bank said that its dividend, based on earnings per share, represents one of the highest payout ratios relative to share value among banks in the country.
Commenting on the 2024 financial results, TAJBank’s founder and chief executive, Hamid Joda, said the third dividend payment in five years shows the board and management remain focused on protecting investors’ interests, even in a challenging economic environment.
“The sterling performances of TAJBank these past years clearly attest to the management’s proactive strategies and innovativeness in service delivery, and I want to assure our investors that their interests will always be prioritised in our operations at all times”, Mr Joda added.
The bank’s co-founder and executive director, Sherif Idi, described the dividend as consistent with the bank’s goal of delivering value to shareholders and the wider public.
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“The payment of the third dividend to our shareholders at the end of FY2024 is historic and aligns with the primary goal of TAJBank being in business, which is to continually serve the interests of our shareholders, customers, and the public.
“We want to thank all our shareholders for contributing to the growth of the bank and also urge them to encourage their friends to invest in TAJBank, as doing so will guarantee them sustained benefits”, he assured.
TAJBank, licensed as a non-interest financial institution, started operations in 2019.
Oladeinde Olawoyin
Business & Economy Editor I Premium Times
@Ola_deinde I 09064286788
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