Credite Capital Finance and Investment Ltd. has posted a profit before tax (PBT) of N68.2 million for the 2021 financial year.
The News Agency of Nigeria (NAN) reports that the profit before tax represented a growth of 13 per cent when compared with N60.3 million achieved in 2020.
Speaking at the company’s fifth Annual General Meeting on Thursday in Lagos, the Managing Director, Mr Segun Ogunleye, said that gross turnover during the period stood at N718.9 million from N467.5 million in 2020, an increase of 54 per cent.
The financials also showed that the balance sheet size of the company grew from N2.08 billion in 2020 to N3.08 billion in 2021, representing 50 per cent increase.
Ogunleye said that the company’s balance sheet size rose by 115 per cent to N1.0 billion from N470 million in 2020.
According to him, shareholders funds during the review period increased by 10 per cent to N368.5 million from N333.6 million in 2020.
Ogunleye noted that the company posted enhanced performance in spite of the headwinds in the financial sector during the period.
“We did very well in 2021, in spite of the difficult business operating environment, and stringent economic policies.
“So many factors affected the fortunes of business in 2021 but we are able to weather the storm, to put something on the table for the stakeholders,” Ogunleye said.
Ogunleye attributed the success garnered in 2021 to the commitment and passion of it’s forward looking staff who were prepared to run with the vision of the company.
“We have good set of highly experienced staff that are committed to the vision of the company.
“In Credite Capital, we see our staff as our assets, and they have done incredibly well to achieve the results that we got in 2021.
“During the year, we made good profit that were able to declare total dividend of N25 million and a bonus of N20 million,” Ogunleye said.
When asked the level of non performing loans in the company, Ogunleye said that Credite Capiy has a robust risk management framework to profile loans, to carry out credit analysis and to take a quality judgment when it comes to giving an investment decision on loans.
“And that is what we stand for. We do it in accordance with the requirements of our regulators,” Ogunleye said.
Earlier, the Chairman of the company, Mr Tokunbo Abudu, said that in spite of the global and local difficult business environment, the board and management of the company remained resolute in deliberately taming cost, growing assets and business footprints.
Abudu said that the company ultimately posted a descent profit, in spite of the capital limitations.
He said that the company has continuous overhaul its operations to keep abreast of new technology and highly skilled professionals.
Abudu said that the company made sure that it’s staff were trained and retrained to drive its mission and vision.
“Our staff welfare package is designed to empower, motivate and inspire them to always give their best to the growth of the company.
“More so, the core values which have been the driving force of the company include: professionalism, relationship, intergrity, corporate governance and empathy,” Abudu said.
The chairman said that the financial house had extended it’s Corporate Social Responsibility to schools, religious organisations and orphanage homes.
On future outlook, Abudu said the company would continue to strive toward achieving its vision of being the first point of call in the provision of financial services.
“We believe innovation is vital to respond to customer needs and to remain competitive in the market-place; technology innovation through optimisation and upgrade of our platforms, product innovation through the creation of customer-driven offerings, process innovation through operational efficiency and people innovation through attraction and development of key human resources.
“We will continue to be more efficient and cost-effective in delivering our products and services,” he said.
According to him, the company will ensure efficiency in its operations to boost revenue generation and improve the value provided to its customers.
One way we aim to achieve this is by reducing service downtime across all our channels to improve customer experience.
“We will also deploy data analytics in profiling our customers with a view to providing personalised products. We will continue to improve our brand identity through partnership and investment in initiatives that will develop the company,” Abudu said.
