The Chairman of the company, Tokunbo Abudu, disclosed this at the fifth Annual General Meeting held on Thursday in Lagos.
Speaking on the outlook for the fiscal year 2021, Abudu said the global economic uncertainties influenced by various shocks from COVID-19 affected business with Credite Capital not an exemption.
“However, our Institution, its management and board were resolute in deliberately taming cost, growing assets, and business footprints, and ultimately posting a decent profit despite capital limitation.
“The delivery of N718.9m in gross earnings, an increase of 54per cent, the maintenance of 63per cent growth in operating expenses, and the growth of 13 per cent in profitability is a testament to the willpower of your board and management to succeed against all odds,” he said.
Abudu added that the company has continued to overhaul its operations by keeping abreast of new technology and the employment of highly skilled professionals.
The Managing Director, Segun Ogunleye, while highlighting the company’s perfomances said the balance sheet size increased by 50 per cent in the year ended 2021 at N3.0bn from N2.0bn (2020).
The company also grew its borrowing portfolio by 67per cent from N1.5bn in 2020 to N2.5bn in 2021.
Also, the Risk Assets Portfolio was expanded from N1.4bn(2020) to N1.8bn(2021)representing a 34 per cent increase.
According to him, there was also a reduction in provisions/impairments charged by 6per cent from N19.8m in 2020 to N18.7m in 2021 of the risk assets portfolio
“Our Shareholders’ fund increased by 10 per cent, that is, from N333.6m to N368.5m in 2020 and 2021 respectively.”
