Credite Capital reveals regional expansion plans at 2024 AGM

Tokunboh Abudu, the Chairman, Credite Capital Finance, has stated that the company is positioning the business to play more critical roles in the financial sector by growing its regional branch expansion for deeper market penetration.

He made this known during the 2024 annual general meeting (AGM) held in Lagos recently, stating that the company plans to broaden its branch network across the Western, Southern and Eastern Regions of Nigeria.

“This expansion will enable us to serve more customers, deepen market penetration, and strengthen our presence across key regions,” he said, disclosing that the Southwest regional office would be opened in Ibadan by the fourth quarter of 2025.

According to him, the company has continued to overhaul its operations by keeping abreast of new technology and the employment of highly skilled professionals.

He also noted that Credite is committed to delivering highly personalised service experiences by leveraging AI and data analytics to better understand and anticipate customer needs, drive greater satisfaction, loyalty, and retention.

“Our 2024 financial performance reflects the strength of our business model, the resilience of our operations, and our unwavering focus on long-term value creation for shareholders,” he said.

Segun Ogunleye, Managing Director, Credite Capital Finance, on his part, added that N250 million was injected into the business this year to move the company’s capital base to N750 million. “Part of our five-year business plan was that we want to capitalise to N1 billion. And as we speak, we have done N750 million now. And we intend to complete it within the next two years.”

He also stated that the company declared a N50 million dividend payout, and a bonus of one unit to existing 13 units shares at 17 kobo per share. “This stellar performance was supported through diversified earnings from the business.”

The company’s profit before tax (PBT) grew by 32.7 per cent year-on-year to N141.1Million in 2024 from N106.3 million in previous year 2023 while profit after tax (PAT) also witnessed a 32.2 per cent increase in 2024 to N109.6 million from N82.9 million in 2023.

The company grew its gross revenue by 56.1% to N2.04 billion in 2024 from N1.31 billion in the previous year, driven by a 70 per cent growth in interest income that grew from N976.5 million in 2023 to N1.66 billion posted in 2024 and a 15 per cent growth in non-interest income to N380.3 million in 2024 from N332.0 million in 2023.

Also, in the year under review, net interest income grew by 91.4% to N469.4 million in 2024 from N245.3 million in the prior year. Furthermore, to cost-to-income ratio increased to 93 per cent within the same period, from 92 per cent in 2023.

Similarly, 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.

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