Business
TAJBank Reports 11.3Bn PBT In FY2023, Highest in Non-Interest Banking
![](https://thegleamer.com/wp-content/uploads/2021/09/TAJBank-Founder-Chief-Operating-Officer-Mr.-Hamid-Joda.jpg)
…As Gross Earnings Surge By 149%
Joel Ajayi
TAJBank Limited, Nigeria’s fastest-growing non-interest bank, has reported a profit before tax (PBT) of N11.3 billion in its 4th year of operations, the best in the non-interest lending sub-sector of the banking industry in the year.
The PBT of the multiple award-winning lender represented a 122.65% increase over the N5.08 billion PBT it reported in FY 2022.
The bank, which had received the Payment Card Industry Data Security Standard (PCI DSS) certification in recognition of its globally recognized information security standards in all areas of its operations, also recorded 149.13% growth in gross earnings from N17.323 billion in FY2022 to N43.157 billion in 2023.
In the year under review, TAJBank also recorded other remarkable feats in its financial results, with the balance sheet figures surging by over 144% from N212.021 billion in FY2022 to N518.335 billion in the 2023 financial year.
Similarly, the bank, which a few weeks ago won the Islamic Finance News (IFN’s) “Best Islamic Bank in Nigeria 2023”, also surpassed analysts’ forecasts by boosting its shareholders’ funds during the year from N19.535 billion in FY 2022 to N41.825 billion in FY2023, representing 114.10% increase year-on-year.
A further analysis of the non-interest, innovation-driven bank showed that its gross deposits grew by over 128% in financial year 2023 from N161.958 billion in FY 2022 to N369.337 billion despite the serious whirlwinds in the economy.
As expected, TAJBank has again put smiles on the faces of its shareholders, raising its earnings per share from N31.06 kobo in FY2022 to N65.40k per share in the year under review, indicating 114.56% improvement in the return on investment for the shareholders.
Commenting on the bank’s FY 2023 financial results, the Founder/CEO, Mr. Hamid Joda, attributed the sterling performances in key indicators “to the management’s proactive strategies and service delivery innovation being adopted to surpass our customers’ expectations and demonstrate to Nigerians and the global community that our awards, recognitions by brand experts and analysts as re-defining non- interest banking values are well-deserved.
“We want to thank all our shareholders for their growing confidence in TAJBank’s board and
management as the years roll by, our appreciation also goes to our customers, who are consistently appreciating that our only interest is to offer them excellent products and services at all times”, he added.
In his remarks, the bank’s Co-Founder/ Executive Director, Mr. Sherif Idi, enthused: “Let me say that these key financial performance indicators of our bank demonstrate that TAJBank has an irrepressible zeal for excellence in all areas of its operations.
“The 2023 financial results are a testament to what we portray and what we are indeed”, the banker added.
Business
Climate Change: GIZ Lead Efforts To Boost Collaboration In Africa
![](https://thegleamer.com/wp-content/uploads/2024/08/IMG-20240828-WA0129.jpg)
Mariam Sanni
The German Agency for International Cooperatives ,GIZ has intensify efforts on climate change by announcing the formation of Association of Africa Climate Adaptation Business Network (AACABN) to foster collaboration among African businesses dedicated to climate adaptation.
Dr. Denis Mujibi of Usomi (Usomi) expressed gratitude to the German government, GIZ, and all stakeholders for their support.
He is the first cohort to establish such an association that is also aimed to build on the program’s momentum on climate adaptation.
The association selected Suleiman Dikwa (Green Sahara Nigeria) as Chairman and Dr. Denis Mujibi (Usomi) as Secretary. The Steering Committee comprises four members: Greg Ikwe (Oklan Best Limited), Elizabeth Mbogo (Nazava), Ibukunoluwa Animashaun (FutuX Agri-consult Ltd), and Greg Ikwe (Oklan Best Limited).
GIZ has endorsed this initiative, recognizing its strategic alignment with their objectives to sustain support for climate adaptation businesses and facilitate investment in the sector.
The establishment of AACABN marks a significant step towards creating a unified network of climate adaptation enterprises across Africa, poised to drive meaningful change and innovation.
Similarly , the two-year program, organized by GIZ, aimed at enhancing business modeling and financial linkages for climate adaptation, has successfully come to a close.
The intensive program engaged 13 select African companies from Kenya and Nigeria, with the final segment held at a summer camp in Feldafing, Germany.
The initiative focused on developing sustainable business models, measuring impact, and preparing companies for investment readiness in the climate adaptation sector. Participants underwent diverse training modules tailored to address various sectors, including:Agriculture, Forestry, Climate-smart technologies , Infrastructure, Irrigation, Water, among others .
Through this program, participants gained valuable insights and skills to refine their business approaches and adapt to evolving climate challenges.
During the closing ceremony, the African Climate Adaptation Business Network was formally established,
The Program Head Denise Engel praised the program’s achievements in promoting peer learning and enhancing business models to attract investments.
Inaugural Members of PrivABoo: Arctic, Infrastructure, Botanic Treasures, CoFarms
Ecocycle,FutuX Agri-consult Ltd, Green Sahara, IrriHub, MajiAgri, Nazava,Oklan Best Limited,Peal, Agro., Usomi, Utooni, and White Gold Camel Milk
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