2020 AGM: TAJBank records 471% growth in Profit before Tax
Shareholders of TAJBank Limited, Nigeria’s leading non-interest banking products and services provider, have commended the board and management of the bank for recording 471 percent growth in Profit before Tax (PBT) in 2020.
The elated shareholders also gave kudos for its impressive performance in its first year of operations, promising continued commitment to the realization of the vision and mission of the innovation-driven lender in the years ahead.
During the financial year, the bank reported outstanding improvements in its gross earnings, which rose from by 6,066% in the financial year to N3.456 billion; 471% growth in Profit Before Tax (PBT) ; deposit growth rate of 1,524%, Return on Equity rose by 361% and an exponential growth in customer base from 1,809 to 103,853, among other positive performance indices.
Speaking during a post-AGM interactive session with journalists at the bank’s 2nd Annual General Meeting (AGM) held in Abuja, one of the leading shareholders of the bank, Alhaji Lawal Garba, said the shareholders were “very happy with the board and management of the bank for the impressive performance recorded during the year, particularly on the innovation that they have brought into non-interest banking in Nigeria.
“We are also very impressed with their entrepreneurship drive which has impacted on the way the bank is growing and we are all very impressed and wish the bank more successful years ahead.
“Also, we are want to encourage the management to continue with the mandate they have been given by redoubling their efforts towards the full realisation, though the efforts they have put in so far have been commendable. Overall, we are very impressed with their superlative performance”, Garba added.
Earlier in his address at the AGM, the bank’s chairman, Alhaji Tanko Isiaku Gwamna, noted that the 2020 financial year was a remarkable year for the bank in terms of investment, market penetration, growth, expansion and strong financial and strategic performance that enabled the bank to position itself as one of Nigerian growing banks.
He linked the lender’s superlative performances to exceptional service delivery, robust investments and deployment of critical technologies and solutions and responsive operational system.
Alhaji Gwamna restated the bank’s commitment to value-addition for all its shareholders and the Nigerian financial system, stressing that TAJBank’s sustainability is guaranteed by the expansive value it is creating for its shareholders, customers, employees and all stakeholders.
He assured: “Our commitment to the creation of optimal shareholders’ value remains solid and expansive.”
Noting the increasing roles of the social media as an indispensable tool for customer relationship management, value addition and complaint resolution, the seasoned non-interest banker pointed out that TAJBank had leveraged on investments in key technologies to improve its visibility on Facebook, Instagram, LinkedIn, Google+ and WhatsApp.
Alhaji Gwamna pointed out that although TAJBank’s priority was to ensure optimum performance and value addition across all stakeholders, the bank’s medium and long term target “is to be among the recipients of key awards on product and service innovation, consistently transparent corporate governance practices and service excellence” through the utilization of its creative workforce and excellent management team.
He also harped on the bank’s relentless efforts to upscale its Corporate Social Responsibility (CSR) activities in line with its vision of funding programmes and projects that promote financial inclusion, economic prosperity, equal access to opportunities, sustainable development and promote global prosperity in its host communities and the larger Nigerian society.
