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TAJBank Reports 11.3Bn PBT In FY2023, Highest in Non-Interest Banking

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…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.

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FG Unveils Central Revenue System To Enhance Financial Transparency, Accountability

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Joel Ajayi
In its avowed determination to ensure enhanced financial transparency,  accountability, and prudent revenue management, the Federal Government has conveyed a stakeholder engagement meeting in Abuja chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun on the Implementation of Revenue Assurance and Central Disbursement Solutions for Federal Government Ministries, Departments and Agencies (MDAS) as well as FG-Owned Enterprises.


The deployment of a central revenue system is designed to enhance financial transparency and accountability concerning direct payments to beneficiaries and the direct deduction of what is due to the Federal Government.


Once implemented, the Government Integrated Financial Management Information System (GIFMIS) and non-GIFMIS platforms will monitor revenue generation and provide a consolidated dashboard of the revenue situation for all Federal Government-owned enterprises.


Key stakeholders, including the SA to the President on Energy, the SA to the President on ICT, the Central Bank of Nigeria (CBN), the Office of the Accountant General of the Federation (OAGF), and the Nigeria Inter-Bank Settlement System (NIBSS) participated in the meeting.

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