Checkoff Finance Records high Revenue and 100% Increase in Loan Portfolio

The Board of Directors of Checkoff Finance Company Limited, a frontline Finance company, has released the Company’s unaudited financial statement for the third quarter (nine months) ended 31st September 2023, declaring a revenue of N524 million for the period.

This represents a 129% increase compared to the N228 million recorded in the 2022 fiscal year-end.According to a statement signed by the Company Secretary/Legal Adviser, Eirene Idung, the increase in revenue was recorded despite a decline in access to financial options caused by the continuing pressure on disposable income and the socio-political challenges in various parts of the country.

Eirene noted that despite the prevailing economic predicament, low capital injection as a result of the high rate of inflation and the devaluation of the naira as well as a ballooning interest rates in the markets, the operating profit increased by 25.3% from N25.3 million in 2022 to N31.7 million in the current period.

The Company is seeking to further leverage technology in its future operations by offering financial services through a one-stop app for its esteemed customer base to access various products and services online and in real-time. Shareholders of Checkoff Finance restated their confidence in the customized financial firm to sustain its impressive performance and deliver more value.

The shareholders gave the commendation at the Inaugural Annual General Meeting (AGM) of the CBN approved Finance Company that was held on November 23rd, 2023, at Lagos Marriott Hotel, Ikeja, Lagos.

Presenting the report for the year ended September 31, 2023, the Chairperson, Mrs Seyi Banigbe assured that Checkoff Finance Company Limited is well positioned to continue to succeed in the years to come, even in the face of prevalent economic challenges. She attributed the optimism to the decisions that the financial institution has made over the past few years, especially those around leveraging new digital technology, to expand access to financial transactions.

On his part, the Chief Executive of Checkoff Finance Company Limited, Mr. Habila Musa-Luka, reported that in spite of the challenging macroeconomic environment, the company grew profit before tax by 25.3% to N31.7million. He added that this increase had a direct correlation with earnings per share, which grew from 25 kobo in 2022 to 32 kobo in 2023, while return on average equity also rose to 32% from 25%.He stated that, “our businesses continue to improve with growth in other key indicators, such as loans and advances 21.3% and total assets 25.2%.

The Company’s loan portfolio currently stands at over N1.6bn, showing significant growth from inception. The customer base in the company also increased from 8,000 to over 12,000 individuals. ”Our investment management businesses increased their assets by 23% to almost N1.3 billion at the end of the year”.