TAJBank Records Highest Tier-1 Capital, Pre-Tax Profit

TAJBank Limited, a Nigeria’s non-interest bank has recorded the highest Tier-1 capital in the non-interest banking sub-sector in the first half of 2023. This is according to a statement by TAJBank’s Chief Executive Officer (CEO), Mr Hamid Joda. Joda said that the audited financial statements of the bank also reflected an increase in its Profit Before Tax (PBT) to N6.019 billion, which is the highest in the banking sub-sector and surpassed analysts’ projections. TAJBank also made history early this year when it listed the first tranche of N100 billion Sukuk Bond on the Nigerian Exchange Limited (NGX) after the successful issuance. Joda said that a further analysis of the latest audited financial statements showed that its total assets rose from N212.021 billion in December 2022 to N335.017 billion at the end of June 2023. He said that the figures indicated a 58 per cent increase. “Its gross earnings increased by 67 per cent from N136.149 billion at the end of December 2022 to N227.031 billion as of the end of June. “Other highlights of the bank’s financial scorecard in first half of 2023 reflected that the financing also significantly increased by 62 per cent from N78.235 billion recorded as of December 2022 to N126.725 billion by June. “The deposits base surged to N251.250 billion from N161.958 billion as of December 2022; while its total equity grew by 88 per cent from N19.135 billion in December 2022 to N36.706 billion as of June,’” he said. Joda, attributed TAJBank’s enviable feat to the increasingly proactive strategies being adopted by the management to respond to emerging trends in non-interest banking and deployment of the right resources. “What I can say about TAJBank’s latest scorecard is that we have demonstrated that hard work pays. “As we have maintained over the past three years, our interest is in our customers and we are pursuing this goal with all resources available to us to tell the whole world that TAJBank is the way to go in non-interest banking. “To demonstrate our commitment to this customer-friendly corporate slogan, we are investing in world-class technologies and digital payment solutions in our services nationwide,” he said. “In pursuit of non-interest financial inclusion drive, we have also opened five branches this year and plan to open more in other states in the next few months”, he said. TAJBank’s bank’s Executive Director, Mr Sherif Idi, said that the successes were made possible by the bank’s shareholders and customers. “Our thanks go to our growing customers and shareholders whose belief in our vision and capacity to drive TAJBank to the leading edge of market competition has taken us this far. “Let me assure them that TAJBank’s management and staff will continue to do its best to serve them better and protect their interests, which we value so much in all areas of operations,” he said.

GTCO’s H1 profit before tax increases by 217%

Guaranty Trust Holding Company Plc, has reported a profit before tax of N327.4billion, representing an increase of 217.1 per cent over N103.2billion recorded in the corresponding period ended June 2 The group released its Audited Consolidated and Separate Financial Statements for the period ended June 30, 2023, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE). The Group’s loan book increased by 22.8 per cent from N1.89 trillion recorded as at December 2022 to N2.32 trillion in June 2023, while deposit liabilities grew by 37.0 per cent from N4.61 trillion in December 2022 to N6.32 trillion in June 2023. The Group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at N8.5trillion and N1.2 trillion, respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 24.7 per cent, while asset quality was sustained as IFRS 9 Stage 3 Loans improved to 4.6 per cent in June 2023 from 5.2 per cent December 2022, however, Cost of Risk (COR) closed at 3.7 per cent from 0.6 per cent in December 2022 owing to worsening macros which caused significant increase in ECL variables. The Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr. Segun Agbaje, said; “Our half year audited results reflect the strong business fundamentals underpinning the GTCO franchise, the quality of our past decisions in future proofing our balance sheet for challenging times, and the sound practices that guide our day-to-day operations. “Despite the challenges in the business environment, notably inflationary pressures and exchange rate fluctuations, we are starting to see the gains in the transformation of our businesses following our transition to a Holding Company structure. Improved profitability and a solid performance across key metrics reflect efficiencies and justify the investments we continue to make in technology, product development, and our people.”  “We recognise the impact prevailing economic and market conditions have on people and livelihoods and we remain committed to seeking better outcomes for our customers by ensuring that our products and service offerings support our customers and their businesses through their evolving realities, whilst also taking every opportunity to optimise stakeholder value,” he added. Overall, the Group continues to post one of the best metrics in the Nigerian Financial Services industry in terms of key financial ratios i.e., Pre-Tax Return on Equity (ROAE) of 61.4 per cent, Pre-Tax Return on Assets (ROAA) of 8.8%, Full Impact Capital Adequacy Ratio (CAR) of 24.7 per cent and Cost to Income ratio of 27.7 per cent. GTCO is a leading financial services group with banking operations in Nigeria, West Africa, East Africa, and the United Kingdom alongside new businesses in payment, funds management and Pension Fund Administration. Its leadership in the banking industry and efforts at empowering people and communities has earned it many prestigious awards over the years.