Credite Capital Finance & Investment Limited has shared its financial results for the year ending on December 31, 2022. The company’s profit after taxes rose by 28.1% to N70.3 million during this period.
The company also declared a 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.
The Chairman, Tokunboh Abudu, stated that this growth was due to better operating income and increased earnings. The company’s gross earnings went up by 36.2% to N979.5 million compared to the previous year.
8% growth in customer deposits
Customer deposits also increased by 8% to N2.2 billion, and the company maintained strong capital and liquidity positions, exceeding regulatory requirements.
Despite economic challenges, the organization declared a dividend of 14 kobo per share and issued bonus scripts.
The Managing Director, Segun Ogunleye, emphasized the company’s determination to provide excellent results and services to its customers and stakeholders.
He noted that although the business environment is tough, they see opportunities in it.