TajBank grows asset to N50bn, to optimise profit for economic growth-MD
Nofadelizan Abdulrahman, the Managing Director (MD) TajBank, one of Nigeria’s foremost non-interest bank, says the overall aim of the bank is to optimise rather than maximise profit.
Abdulrahman stated this in Abuja on Thursday, at the bank’s second Annual General Meeting.
He said that the bank aimed to take business and investment decisions in the overall interest of the shareholders.
“As an ethical financial institution our aim is to optimise, rather than maximise profit with the aim of creating adequate, retaining earnings sufficient to support future growth.
“We also aim to sustain strong capital ratios that will allow us to invest in the business to provide the services for our customers.
“This will, ultimately, help us to deliver sustainable business that operates in the interests of our shareholders,” he said.
The MD said that Taj Bank, through innovative products and services, posted a profit of N845 million, and grew its total assets from N9 billion to N50 billion within one year of operation.
“Income Generating Assets grew 362 per cent from N5.02 billion to N23.16 billion and Customer Accounts grew by N28.14 billion,” he said.
He said that the bank was committed to adding immense value to the society whilst generating returns on shareholders’ investments.
Earlier, Chairman of the bank, Tanko Gwamna, said that Taj Bank, which commenced operations in December 2019, had shown potentials for outstanding growth, inspite of the challenges posed by the COVID-19 pandemic.
He said that exceptional service delivery, robust technological deployment and responsive operational systems were responsible for the bank’s sterling performance.
“We made a substantial progress in our strategic commitment and delivered an outstanding profit of N845 million after tax despite the outbreak of COVID-19.
“We launched our Taj Mall and this has opened broad business opportunities for us.
“Our customers, who have used this platform for shopping, attest to the seamless experience they have enjoyed and the value offered in cost savings and quality offerings,” he said.
Founder and Executive Director of the bank, Hamid Joda, commended the bank’s regulatory authorities; Central Bank of Nigeria, Nigeria Deposit Insurance Corporation and the Corporate Affairs Commission for their support.
He, however, called on the relevant authorities to endeavour to cut delay in approving some of the bank’s innovative products and services.
Chief Marketing Officer, Sheriff Idi, said the bank which operates a regional banking license was able to open six branches within its first year of operation.
He said that the bank had opened some branches in markets within Abuja, and hoped to open some branches in the North East within the next one year.
The News Agency of Nigeria (NAN) reports that Taj Bank got its non-interest banking license in July 2019 and commenced operations in December of the same year.