Credite, a capital, finance and investment company has declared an N30 million dividend for the year ended December 31st, 2022, just as its profit before tax (PBT) grew to N86.7 million.
The increase represented a 27.1 percent increase year-on-year from N68.2 million recorded in 2021 and a 28.1 percent growth in profit after taxes (PAT) to achieve the sum of N70.3 million (FY 2022).
Accordingly, the PAT growth was driven by an N15.4 million improvement in net operating income amidst heightened inflationary pressures and regulatory policies.
Similarly, its gross earnings grew by 36.2 percent to N979.5 million compared to N718.9 million reported in FY 2021.
The growth comprised a 68.9 percent increase in non-interest income and a 32 percent growth in interest income.
Customer deposits also grew by 8 percent to N2.7 billion in FY2022 and N2.5 billion in FY2021 while Risk Asset grew by 23 percent from N1.8 billion in 2021 to N2.2 billion in 2022.
The company also maintained a capital adequacy ratio and liquidity positions of 14 percent and 30 percent respectively, exceeding the regulatory requirement, and also grew its balance sheet by 10 percent to N3.3 billion.
“Today we are declaring N30 million dividends to the shareholders and investors despite the harsh, and difficult operating business environment,” said Segun Ogunleye, MD/CEO, Credite capital finance and investment limited, at the Annual General Meeting (AGM) held in Lagos on Tuesday 22 August.
According to him, the board also approved a dividend payout of 14 kobo per share to shareholders.
He said further that the tough economic environment presents some opportunities for forward-thinking businesses despite the challenges around the business world.
“We are young and very dynamic, but very odd structure in terms of knowledge of the business. And what is important is to begin to see the opportunity before you; I mean before other people begin to see it,” he said.
Tokunboh Abudu, chairman, Credite capital finance and investment limited, said the company have successfully diversified into public-sector lending.
According to him, the company is taking advantage of the opportunities. However, he disclosed that overcoming the challenges will require effective risk management, strategic planning, and innovation.
“Despite the growth achieved, we remain committed to increasing our footprint across Nigeria. In 2022, we were consistent with our strategy to deliver innovative solutions that enabled our customers to thrive in a dynamic environment,” he said.
Abudu disclosed further that the year 2022 was challenging in many respects, with significant global and domestic economic developments that impacted its business in several ways.
“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,” Abudu said.