October 17, 2021


documenting the nigerian story…

TAJBank holds AGM, records 471% growth in gross profit

Shareholders of TAJBank Limited, at the bank’s 2020 Annual General Meeting (AGM) has commended the board and management of the bank for its impressive performance in its first year of operations.

The non-interest bank, also said it recorded 471 percent growth in its Profit Before Tax (PBT) as its gross earning rose by 6,066% in the financial year to N3.456 billion.

The bank has 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 to journalists after the bank’s 2nd AGM in Abuja, a major shareholder, Alhaji Lawal Garba, said, “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.”

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 performance.

He linked the lender’s superlative performances to exceptional service delivery, robust investments and deployment of critical technologies and solutions and responsive operational system.

“Our commitment to the creation of optimal shareholders’ value remains solid and expansive,” he said.

On the bank’s medium and long term target, he said it “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.

Gwamna also harped on the bank’s sustained Corporate Social Responsibility (CSR) activities in its host communities.