Constancy Financial institution Plc has reported a pre-tax revenue of N385.2 billion for 2024, representing a 210 per cent development in comparison with the N124.3 billion recorded in 2023.
The financial institution, in an announcement launched on Monday, declared a complete dividend of N2.10 per share following its robust monetary efficiency in 2024.
Gross earnings elevated by 87.7 per cent to N1,04 trillion, pushed by a 106.9 per cent development in curiosity and related earnings to N950.6 billion.
The rise in curiosity earnings was attributed to improved yields on incomes property and a 51.6 per cent enlargement within the earnings base to N6.3 trillion.
This led to a revenue after tax of N278.1 billion, representing a 179.6 per cent annual development.
Commenting on the outcomes, Dr Nneka Onyeali-Ikpe, Managing Director/Chief Government Officer of Constancy Financial institution Plc, expressed satisfaction with the expansion.
“We’re delighted with our 2024 full-year (FY) efficiency, which confirmed robust development throughout key income traces, improved asset high quality and important traction in our strategic enterprise segments.
“Our spectacular outcomes led to a triple-digit enhance by 210 per cent in Revenue Earlier than Tax (PBT), rising from N124.3 billion in 2023 to N385.2 billion in 2024,” she mentioned.
An extra evaluate of the monetary efficiency revealed that the financial institution’s internet curiosity earnings elevated by 127.1 per cent to N629.8 billion, pushed by a high-yield setting in 2024.
To optimise its margin, the financial institution maintained asset yields above funding prices by sustaining a excessive low-cost deposit profile at 92.6 per cent.
This led to a rise in its Web Curiosity Margin from 8.1 per cent in 2023 FY to 12.0 per cent.
Equally, the financial institution continued to deepen its market share in each the company and retail segments, with buyer deposits rising by 47.9 % from N4 trillion in 2023 monetary 12 months to N5.9 trillion.
The rise was pushed by robust double-digit development throughout all deposit varieties.
The Retail Banking Enterprise gained important traction, with financial savings deposits rising by 28.8 per cent to N1.1 trillion, marking the tenth consecutive 12 months of double-digit annual development in financial savings deposits.
Despite the difficult financial situations in 2024, the financial institution continued to assist the actual sector of the economic system by rising its Web Loans and Advances from N3.1 trillion in 2023 to N4.4 trillion in 2024.
“This outstanding efficiency demonstrates our capability to ship superior returns to our shareholders.
“According to our dedication to them, we now have declared a closing dividend of N1.25 per share, bringing our whole dividend for the 2024 monetary 12 months to N2.10 per share,” Onyeali-Ikpe defined.
Having persistently paid dividends since 2006, Constancy Financial institution can pay traders a complete dividend of N2.10 per share for the 2024 monetary 12 months.
That is topic to shareholders’ approval at its forthcoming Annual Basic Assembly (AGM) on April 29, 2025.
The dividends will likely be paid on April 29, 2025, to shareholders whose names seem on the register of members as of April 15, 2025.
The financial institution efficiently accomplished the primary section of its capital elevating train by a Public Provide and Rights Difficulty in 2024, which have been oversubscribed.NAN
