Credite capital declares N30m dividend at AGM

Credite Capital Finance and Investment Ltd., has declared a N30 million dividend to shareholders at 14k per share for the year ending December 31, 2022.

Speaking at the company’s sixth Annual General Meeting 2023 (AGM) held on Tuesday at Marriot Hotel, Lagos the Managing Director, Mr Segun Ogunleye, also declared a bonus of N25 million to shareholders.

Ogunleye said the dividend was an increase of 27 per cent against N21 million for the year ended Dec. 31, 2021, at 11k per share. He noted that the company, in spite of the harsh operating business environment, forged ahead and declared some profits.

Ogunleye said that the company would continue to deliver excellent results and services to its customers and stakeholders. This year, we attribute our development to hard work, commitment and the very dynamic structure of the firm.

“We understand that there’s inflation and other economic headwinds but we see it as an advantage and opportunity to explore in the face of the challenges of the business world.

“What we have done is to understand our market and explore our target to get our results, particularly as we continue to grow our numbers in lending money to small and medium enterprises and also provide payroll lending to civil servants across the federation,” he said.

Ogunleye reiterated the company’s commitment to sustaining its brand integrity, and obligations even as it expands its markets and develops new frontiers to meet the needs of the people.

He urged the government to continue to come up with policies that would make life better for businesses to thrive.

Chairman, Mr Tokunboh Abudu, Credite Capital Finance and Investment Ltd., noted that in spite of the challenges during 2022, the company’s performance reflected its resilience and determination to deliver optimal value to its stakeholders.

Abudu said the company closed the year on a good note, growing Profit Before Tax (PBT) to N86.7 million, representing a 27.1 per cent increase year-on-year from N68.2 million recorded in 2021.

He added that the company recorded a 28.1 per cent growth in Profit After Tax (PAT) to achieve the sum of N70.3 million for the financial year ended December 2022.

“Similarly, our gross earnings grew by 36.2 per cent to N979.5 million compared to N718.9 million reported in FY 2021.

“The growth comprised a 68.9 per cent increase in non-interest income and a 32 per cent growth in interest income and your company grew its balance sheet by 10 per cent to N3.3 billion.

“In 2022, we were consistent with our strategy to deliver innovative solutions that enabled our customers to thrive in a dynamic environment.
“We have successfully diversified into public sector lending which has given the company significant recognition among her peers in the market.

“As a good organisation, our contribution to the operating environment cannot be over-emphasised as the company continues to support educational sectors, especially schools, religious organisations and orphanages,” he said.

The company’s chairman projected a positive outlook for Nigerian banks and Financial Services in 2023.

He, however, stated that taking advantage of the opportunities and overcoming the challenges would require effective risk management, strategic planning and innovation.

“We remain very optimistic about our company’s future and are devoted to effectively transforming our business to deliver optimal performance and significantly superior service to millions of Nigerians.

“We are steadfast in our commitment to lead with best-in-class customer experience and establish a work environment that helps our employees become the best version of themselves.

“They also become even more socially responsible as an institution, and create immense value for our shareholders,” he said.

 

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