Credite Capital Finance and Investment Limited has declared a profit after tax growth of 17 per cent for 2023, just as gross revenue grew to N1.31 billion.
This was announced by Tokunboh Abudu, chairman at the firm’s Annual General Meeting
“Profit before tax (PBT) grew by 22.6 per cent year-on-year to N106.3 million from N86.7 million while Profit after Tax (PAT) also witnessed a 17.9 per cent growth to N82.9 million from N70.3 million in 2022. This was supported through diversified earnings from business,” he said.
He said the company has continued to overhaul its operations by keeping abreast of new technology and employment of skilled professionals.
“Furthermore, staff were regularly sent on training as they constitute the human capital to drive the vision and mission of the company. Our welfare package is designed to empower, motivate and inspire them to always give their best,” Abudu said.
Segun Ogunleye, managing director and chief executive officer, said despite headwinds, they delivered good profits to shareholders.
“Shareholders, directors are happy with the performance . Amid challenges and difficult operating environment, we have a headway and thrived.
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“And the company weathered the storm and improved its bottom line beyond what was posted or recorded last year. And that is why we said we are doing a dividend payout of N40 million and a bonus share of N30 million at the ratio of one to 10. Every share, every 10 units of shares to one share as a bonus, he noted.
Ogunleye said the company would improve its capital base.
“We foresee the possibility of CBN coming to review the share capital base of the finance company, and that is why we are not waiting.
“In 2013, CBN called a stakeholder meeting whereby they increased the share capital of the finance company from N20 million to N100 million, and that is what it is as of today. But we are looking beyond that, that we want to be at safety, not that when this clarion call comes and we now begin to run around,” he stated at the AGM.
‘‘The increase in gross revenue represents a 33.7 in percentage and was driven by a 33 per cent growth in interest income to N976.5 million from N734.1 million, and a 35.3 percent growth in non-interest income to N332.0 million in 2023 from N245.3 million in 2022 as the firm 100 per cent in Investment Income.