Credite Capital Finance and Investment has declared a gross revenue of N2.04 billion for the 2024 financial year. Its Chairman, Mr. Tokunboh Abudu, made this known at the company’s Annual General Meeting (AGM) on Saturday in Lagos.
Abudu said the gross revenue grew by 56.1 per cent compared to N1.31 billion achieved in the corresponding period of 2023.
He attributed the growth to a 70 per cent increase in interest income, which rose from N976.5 million in 2023 to N1.66 billion in 2024, and a 15 per cent growth in non-interest income, which increased to N380.3 million in 2024 from N332.0 million in 2023.
According to him, profit before tax grew by 32.7 per cent year-on-year to N141.1 million during the period under review, from N106.3 million in 2023. Profit after tax rose by 32.2 per cent to N109.6 million from N82.9 million in 2023.
The chairman noted that this strong performance was driven by diversified earnings from the business. He added that total assets grew by 21.8 per cent from N5.6 billion in 2023 to N6.8 billion in 2024.
Abudu said the company had continued to overhaul its operations by adopting new technologies and employing highly skilled professionals. He described the 2024 financial performance as a reflection of the strength of its business model, the resilience of its operations, and its unwavering focus on long-term value creation for shareholders.
“Our 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 expenses, and general inflationary pressures.
“Furthermore, the cost-to-income ratio increased to 93 per cent within the same period, from 92 per cent in 2023, largely due to higher operating costs and the impact of business expansion.
“Also, our deposit liabilities increased by 19 per cent to N5.69 billion in 2024 from N4.78 billion in 2023, while risk assets grew by 40 per cent from N3.31 billion in 2023 to N4.64 billion in 2024,” he said.
On the company’s plans, Abudu said Credite Capital would remain focused on sustaining its growth momentum, driving innovation, and enhancing customer service.
“As we look ahead to 2025, our strategic priorities reflect a balanced approach to expansion, technological advancement, and operational resilience,” he said.
On branch expansion, Abudu said the company would broaden its network across Nigeria’s Western, Southern, and Eastern regions, enabling it to serve more customers, deepen market penetration, and strengthen its presence in key areas.
Speaking on the five-year business plan, the Managing Director/Chief Executive Officer, Mr. Segun Ogunleye, said the company plans to raise its capital base to N1 billion from the current N750 million.
Ogunleye said the process would be completed within the next two years, ahead of the expected wave of recapitalisation in the financial sector.
He noted that the current administration was working to address macroeconomic headwinds.
“Presently, the GDP is growing, we have relative stability in our foreign exchange, and the naira is gaining stability,” he said.
Ogunleye also disclosed that the company would implement a full digital transformation of its business processes to maximise efficiency and make services more accessible, leveraging the power of artificial intelligence.
Credite Capital Finance and Investment Ltd. is a licensed finance company engaged in leasing, loans and advances, fund investment, and other financial services.
