Tokunboh Abudu, the president of Credite Capital Finance, has declared that the company is positioning the business to play a more critical role in the financial sector by increasing its expansion of regional branches for a deeper penetration of the market.
He made this known during the annual general meeting of 2024 (AGM) held in Lagos recently, stating that the company plans to expand its branch network in the Western, South and East of Nigeria regions.
“This expansion will allow us to serve more customers, deepen market penetration and strengthen our presence in key regions,” he said, revealing that the regional southwest office would open in Ibadan in the fourth quarter of 2025.
According to him, the company has continued to review its operations by keeping up for the new technology and the use of highly qualified professionals.
He also noted that Credite undertakes to offer highly personalized service experiences by taking advantage of AI and data analysis to better understand and anticipate customer needs, promote greater satisfaction, loyalty and retention.
“Our 2024 financial performance reflects the strength of our business model, the resistance of our operations and our unwavering approach in the creation of long -term value for shareholders,” he said.
According to Ogunleye, managing director of Credite Capital Finance, for his part, he added that N250 million was injected into the business this year to transfer the company’s capital base to N750 million. “Part of our five -year business plan was that we want to capitalize on N1 billion. And while we talk, we have done N750 million now. And we intend to complete it within the next two years.”
He also declared that the company declared a payment of dividends of N50 million and a bonus of a unit at the 13 existing shares from 13 units to 17 Kobo per share. “This star performance was supported through diversified business profits.”
The company’s profits before taxes (PBT) grew by 32.7 percent year -on -year to N141.1 million in 2024 from N106.3 million in the previous year 2023, while earnings after taxes (PAT) were also witnesses of an increase of 32.2 percent in 2024 to N109.6 million N82.9 million in 2023.
The company increased its gross income by 56.1% to N2.04 billion in 2024 from N1.31 billion in the previous year, driven by a 70 percent growth in interest in interest that grew from N976.5 million in 2023 to N1.66 billion published in 2024 and a 15 percent growth in non -internal revenues of N380.3 million in 2024 from N332.
In addition, in the year under review, net interest revenues grew by 91.4% to N469.4 million in 2024 from N245.3 million in the previous year. In addition, the cost / income ratio increased to 93 percent within the same period, from 92 percent in 2023.
Similarly, operating expenses grew by 49 percent year -on -year to N662.4 million in 2024 from N444.3 million registered in 2023, due to the increase in personnel costs, costs related to technology and general inflationary pressures.
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