This was disclosed during the company’s 21st Annual General Meeting (AGM)  in Lagos on Thursday.

In his address, Mr. Wole Abegunde, the chairman of the Board, said the company’s performance marked a significant turnaround and reflected sustained efforts across management and operations.

In recognition of this progress and the restored retained earnings position, the Board proposed a dividend payout of 12.50 kobo per share, reaffirming the company’s commitment to delivering shareholder value and consistent returns.

Mr. Abegunde disclosed that eTranzact recorded a Profit Before Tax (PBT) of 4.9 billion and a Profit After Tax (PAT) of N3.4 billion, surpassing previous years’ results.

He attributed this growth to a robust revenue drive and stringent cost-efficiency measures.

“The efforts of the board, management, and staff have been commendable in delivering this level of performance. We are optimistic that the company will continue to build on this momentum to achieve higher profitability and operational efficiency,” he stated.

He also emphasized the company’s commitment to customer satisfaction, highlighting that eTranzact will continue to refine its product offerings to meet evolving needs while maintaining competitive pricing and reducing the cost of service delivery.

Speaking on the company’s operational performance, Mr. Olaniyi Toluwalope, the managing director/CEO, reported that gross profit rose by 36.52 per cent, from N8.32 billion in 2023 to N11.36 billion in 2024. Operating profit increased by 48.83 per cent, reaching N4.66 billion.

Profit before tax grew by 53.20 per cent, while earnings per share rose by 54.17 per cent, from 24 kobo to 37 kobo.

He noted that the sharp increase in profit was driven primarily by increased transaction volumes and values, supported by consistent service delivery, stable pricing, and strong demand for digital payment solutions.

According to him, the company also improved its transaction success rate and reduced average processing time, a trend that has continued steadily over the last four years.

Mr. Toluwalope outlined several strategic initiatives implemented during 2024 to enhance market positioning. These include the migration to the Smart Vista Switching Infrastructure, which brought more bank partners onto the platform.

He also highlighted the launch of a new PocketMoni Wallet Platform and mobile app, and the deployment of a Cashpoint Agent Management Platform, which accelerated the rollout of POS terminals nationwide and strengthened the company’s competitive edge.

Toluwalope reaffirmed eTranzact’s commitment to innovation, financial inclusion, and delivering sustainable value to its shareholders and customers.

The event will be held virtually and be accessible through a secure online platform for attendees and members of the public that intend to observe as the board and executive management reflect on the bank’s accomplishments.  

The Annual General Meeting which will take place at the company’s head office located at 23, Karimu Kotun Street, Victoria Island Lagos, will showcase the Bank’s 2022 financial performance and engage with valued shareholders on strategies and prospects.   

The AGM will provide an opportunity for Abbey Mortgage Bank on comprehensive discussions on the Bank’s strides toward technological innovations, customer-centrism, and commitment to sustainable banking practices.

Abbey is embracing digital advancements to improve its operational efficiency as well as staying dedicated to being at the forefront of industry trends and adapting to evolving customer needs.

Despite the domestic and international economic challenges, the Bank has continued its impressive profitable trajectory, generating record revenue for the third consecutive year in 2022 with a pre-tax profit of N827mn, a 25.14% rise from the 2021 position of N661m.

Abbey has increased its brand recognition with notable growth in its professional reputation and closed the year on a high with a BBB investment rating from Augusto & Co., a renowned credit rating agency. 

The bank was also recognized for its commitment to excellence, receiving awards for “Best Mortgage Bank, 2022”, “Best Mortgage Bank Brand 2022”, and “Best Mortgage Bank CEO from prominent industry organizations 2022”.

The MD/CEO of Abbey Mortgage Bank, Mr. Mobolaji Adewumi noted that “We are excited to convene with our esteemed shareholders for our 31st Annual General Meeting to provide details of our progressive journey over the past year and plans on what looks like an illustrious future for the banks, and you.

Mr. Adewumi stated in conclusion “Our committed shareholders, customers, and stakeholders. We look forward to sharing our accomplishments and future strategies and receiving valuable input from our shareholders” 

The bank encourages its shareholders to save the date and connect to the 31st Annual General Meeting slated for the 31st, of May 2023. 

During the 2023 Annual General Meeting held in Lagos, CIBN disclosed that its net assets and net operating surplus also witnessed growth, with a 7.3% and 4.9% rise to N6.66 trillion and N837.94 billion respectively in 2022.

Mr. Ken Opara, the President/Chairman of Council at CIBN, expressed his satisfaction with the modest financial progress achieved by the institute despite the challenging macroeconomic conditions in 2022.

He attributed this growth to the efficient utilization of resources and a deliberate focus on revenue generation. He commended the institute’s management for their efforts and emphasized the institute’s commitment to implementing its strategic plan.

The financial report for 2022 indicated that total revenue for the year increased to N2.06 trillion, a 16.92% rise compared to the previous year’s figure of N1.76 trillion. The improved performance was credited to the various directorates’ accomplishments.

Mr. Opara acknowledged the institute’s management for achieving 93% of the N2.22 trillion budget for 2022 and expressed determination to achieve even better results in the current year.

CIBN recorded a net operating surplus before impairment and amortization of N837.94 million in 2022, up from N799.17 million in 2021, representing a growth of 4.86%.

This increase was a result of efficient resource utilization and surpassed the budgeted amount of N711.02 billion for 2022. However, the growth percentage could have been higher if not for the high inflation rate during the review period.

Recurrent expenditure at the institute rose to N1.22 trillion, a 26.89% increase compared to N966.57 billion in the previous year.

This surge was partly due to the general challenges experienced both in Nigeria and globally. Additionally, the institute hired additional staff at strategic levels to strengthen its operations.