Credite, a capital, finance and investment company has declared a profit after tax ( PAT) revenue growth of 17 percent for the 2023 financial year(FY), just as its gross revenue grew to N1.31 billion in 2023 from N979.5 million for prior year.

The increase in gross revenue represent a 33.7 in percentage and was driven by a 33 percent 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 percent in Investment Income.

While the net interest income grew by 17.0 percent to N245.2 million in 2023 from N209.7 million, in the prior year.

Similarly, operating expenses grew 32.0 percent year-on-year to N444.3 million from N336.6 million, due to increased personnel costs, regulatory costs, technology related costs and general inflationary pressures.

Furthermore, the cost to income ratio increased to 92 percent within the same period, from 91 percent in 2022, this the company said is from higher general operating cost in the year and the impact of the business.

However, their deposit liability increased by 78 percent of N4.78 billion in 2023 from N2.72 billion in 2022, while Risk Assets grew by 48 percent from N2.23 billion in 2022 to N3.31 billion in 2023.

“Profit before tax (PBT) grew by 22.6 percent year-on-year to N106.3 million from N86.7 million while Profit after Tax (PAT) also witnessed a 17.9 percent growth to end the period to N82.9 million from N70.3 million in 2022. This stellar performance was supported through diversified earnings from the business,” said the chairman, Credite capital finance and investment limited, Tokunboh Abudu, at the firm’s Annual General Meeting (AGM) held in Lagos on Monday, 30 September.

He said the company has continued to overhaul its operations by keeping abreast of new technology and employment of highly 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 Staff welfare package is designed to empower, motivate and inspire them to always give their best to the growth of the company,” Abudu said.

Speaking also at the AGM, Segun Ogunleye, MD/CEO, Credite capital finance and investment limited, said despite the headwinds affecting their operations, they were able to deliver good profits to shareholders.

According to him, “The shareholders, directors are quite happy with the performance. I mean, amidst the challenges and difficult operating environment, we are still able to have a headway and thrive despite the storm.

“And the company was able to weather the storm and also to be able to improve their bottom line beyond what was posted or recorded last year. And that is why we said that we are doing a dividend payout of N40 million and also a bonus share of N30 million at least at the ratio of one to 10. Every share, every 10 units of shares to one share as a bonus.”

Ogunleye, also stated that as a company they would continue to look at ways to improve their 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.