Cititrust Holdings Plc’s balance sheet size has hit N44 billion and a profit after tax of N1.09 billion as at September 2020, the company has said.
The company also disclosed its decision to complete the recapitalisation of Living Trust Mortgage Bank From a Regional Mortgage Bank to a National Mortgage Bank through N2.5 billion capital injection in the first quarter of 2021. This is in line with its plan to pursue industry leadership in Nigeria and other regions where it operates.
While presenting Cititrust’s Investment and Strategy road Map for 2021-2023, at a webinar session organised by the company, its Executive Director, Finance and Strategy, Afolabi Martins equally disclosed that plans are underway to list CFS Nigeria on the floor of the Nigerian Stock Exchange (NSE) in 2021.
“Based on the impressive growth in our loan book, we are poised that these additional funds will enable us to further diversify the earnings base across all subsidiaries.
“The three-year plan details our operational shifts as it relates to Finance, Investment & Strategy, and International Operation to deliver robust growth by adopting a strategic investment plan and aggressive market penetration.
“For our medium targets, much of the financial impact comes from our focus on employing a small equity base to create larger capital and investments through liability generation, which we believe are largely in our control. Our ability to achieve mid-teen returns or higher over a horizon of three years or more will come as investments in our businesses,” he said.
Speaking further, he said “a dividend policy will also be reviewed by us for approval all Cititrust subsidiaries shall endeavour to maintain a dividend payout ratio of 40per cent. Audit reports are to be conducted on an interim basis and not a yearly basis as a dividend will be paid bi-annually.
Giving details of the 2012 to 2023 Investment and Strategy road Map, Martins noted that the company is looking at divesting its stake in one of its subsidiaries in Nigeria.
He noted that indeed, the year 2020 has proven to be a year of stabilization for their businesses on all fronts, adding that the return to high performance was within the context of a challenging global and local operating environment, which makes recovery even more remarkable “and our pan-African businesses increasingly becoming more justified, giving the region’s growing contribution to the Group’s performance, due to Africa’s rising profile in the global economy.
He said, “We have been able to thrive amidst the decreasing economic growth rate, and achieved financial results and performance, indicative of a resilient portfolio, diversified revenue streams, and ultimately reflects our group as a sustainable and a future assured Investment Group, even at the aftermath of the most challenging economic situation faced in our recent history, the pandemic.
Cititrust Holdings Plc’s has carried out 12 successful acquisitions across Nigeria, Ghana, Benin Republic & Rwanda, while the total invested amount of Cititrust Holdings Plc in its subsidiaries capitalization stood at N11.4 billion.
Total risk assets generated as of September 2020 via lending activities and financing was N9.9 billion. Total funds under management & customer deposit as of September 2020 also stood at ₦24.13 billion and over 33,000 active customers base, offering tailored services and solutions to individuals and companies.
As an Investment Holding company, Cititrust Holdings Plc has an interest in the long-term drivers of shareholder value and recognize that Environmental, Social and Corporate Governance (ESG) factors not directly captured in financial statements can materially impact the shareholder’s value.
In 2020, Cititrust Nigeria operations successfully acquired the following companies; Living Trust Mortgage Bank Plc, Core Capital Limited; Atlass Portfolios Limited; Core Trust & Investment Limited, Great Hope Insurance Brokers Limited.
In Ghana, Credit Nest Microfinance Bank Limited was acquired; Fund Management and Pension Licenses in Ghana were renewed, despite the tough Ghana Financial Services Market terrain. In South Africa, Cititrust Financial Services (PTY) Limited was issued an NCR (National Credit Provider) License to operate nationally.
