Credite Capital Finance and Investment has declared a gross revenue of N2.04 billion for the 2024 financial year.

Its chairman, Tokunboh Abudu, said this at the company’s Annual General Meeting on Saturday in Lagos. Mr Abudu said the gross revenue grew by 56.1 per cent when compared with N1.31 billion achieved in the corresponding period of 2023.

He said the growth was driven by a 70 per cent growth in interest income that grew from N976.5 million in 2023 to N1.66 billion in 2024 and a 15 per cent  growth in non-interest income to N380.3 million in 2024 from N332.0 million in 2023.

Mr Abudu said the profit before tax grew by 32.7 per cent year-on-year to N141.1 million during the period under review from N106.3 million in 2023. He added that the company’s profit after tax witnessed 32.2 per cent to N109.6 million from N82.9 million in 2023.

The chairman noted that this stellar performance was supported through diversified earnings from the business. He said its total assets grew by 21.8 per cent from N5.6 billion in 2023 to N6.8 billion in 2024.

Mr Abudu said the company had continued to overhaul its operations by keeping abreast of new technology and the employment of highly skilled professionals.

The chairman said its 2024 financial performance reflected the strength of its business model, the resilience of its operations, and its unwavering focus on long-term value creation for shareholders.

“Our operating expenses grew by 49 per cent year-on-year to N662.4 million in 2024 from N444.3 million recorded in 2023, due to increased personnel costs, technology related costs and general inflationary pressures.

“Furthermore, cost to income ratio increased to 93 per cent within the same period, from 92 per cent in 2023 which was from higher general operating costs in the year and the impact of the business.

“Also, our deposit liability increased by 19 per cent to N5.69 billion in 2024 from N4.78 billion in 2023, while risk assets grew by 40 per cent from N3.31 billion in 2023 to N4.64 billion in 2024,” he said.

Speaking on the future, Mr Abudu said the company would remain focused on sustaining its momentum of growth, innovation, and improved customer service.

“As we look ahead to 2025, we remain focused on sustaining our momentum of growth, innovation, and improved customer service. Our strategic priorities for the year reflect a balanced approach to expansion, technological advancement, and operational resilience,” he said.

The chairman said its strategic priorities for the year reflect a balanced approach to expansion, technological advancement, and operational resilience.

The chairman said the expansion drive would enable the company to serve more customers, deepen market penetration, and strengthen its presence across key regions.

Speaking on the five-year business plan at the AGM, Segun Ogunleye, its CEO, said the company would capitalise to the tune of N1,000,000,000 from N750 million at the moment.

Mr Ogunleye said the company intend to complete the process within the next two years before the wave of capitalisation across the entire financial landscape would hit the sector.

Mr Ogunleye noted that the present administration was doing everything possible to address all the micro-economic headwinds.

He said, “Presently, the GDP is growing, we have relative stability in our foreign exchange, naira is gaining stability.”

Mr Ogunleye said the company would ensure digital transformation of its business process to maximise, improve efficiency and make services more accessible through the power of artificial intelligence.

(NAN)