TAJBank Limited reported an 84% increase in total assets in its full-year 2024 financial performance, rising from N518.33 billion in 2023 to N953.10 billion.
The bank disclosed this in a press statement made available to Nairametrics on Monday.
The Abuja-based non-interest bank, which began operations five years ago, also paid a dividend of 20 kobo per share to shareholders, marking its third dividend payout since inception.
According to the bank, the dividend represented one of the highest payout ratios relative to share value across the banking industry in the year under review, based on available earnings per share data.
Deposits up 89%, earnings also surge
TAJBank said its customer deposit base grew by 89%, increasing from N369.33 billion in 2023 to N696.34 billion in 2024. Gross earnings rose by 80% year-on-year, reaching N75.5 billion, up from N43.2 billion in the previous year.
- The statement further revealed that total gross income, based on broader measures, increased to N467.38 billion from N271.92 billion in 2023, representing a 72% year-on-year rise. Profit before tax also climbed by 61%, from N11.3 billion in 2023 to N18.2 billion in 2024.
- The bank did not disclose its net profit or cost-to-income ratio in the statement.
What you should know
The 20 kobo dividend payout comes at a time when many banks are navigating regulatory changes, foreign exchange volatility, and the ongoing industry-wide recapitalisation directive from the Central Bank of Nigeria.
TAJBank’s CEO, Hamid Joda, said the decision to pay dividends was consistent with the bank’s policy to prioritise shareholder interests despite macroeconomic challenges.
“With the payment of the third dividend to the shareholders within five years of operations, TAJBank’s Board and management have again demonstrated that investors’ interest remains a priority in their drive to sustain the bank at the forefront of the non-interest banking space in Nigeria.
“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 prioritized in our operations at all times,” he said.
Sherif Idi, the bank’s Co-Founder and Executive Director, described the dividend as “historic” and urged shareholders to continue supporting the bank’s expansion plans.
TAJBank’s asset growth brings it closer to the N1 trillion mark, a milestone that places it among mid-sized Nigerian banks by asset size. The growth in deposits and earnings suggests increasing adoption of non-interest financial services, particularly among retail and SME segments.
TAJBank operates under the Islamic banking framework, offering products that comply with Shari’ah principles. It remains one of the few licensed non-interest banks in Nigeria, alongside players like Jaiz Bank.
Fitch Ratings earlier noted that Nigeria’s Islamic finance industry is likely to expand from the second half of 2025 through 2026 on the back of increasing sovereign sukuk issuances and Islamic banking assets, driven by new paid-in capital requirements and regulatory moves to develop the industry.
According to Fitch, non-interest banks’ assets recorded a growth of 110% year-o-year as of end-2024, driven by a significant increase from deposits and loans, each more than doubling in value.
