Central Securities Clearing System (CSCS) has achieved a profit before tax (PBT) of N13.8 billion in its 2024 operations, 24 per cent up from N11.2 billion recorded in the corresponding period in 2023.

Its total revenue also surged by 37 per cent to N26.1 billion, up from N19 billion posted in the previous year.

The impressive results were largely driven by a 62 per cent year-on-year increase in fee-based income, which rose to N11.9 billion from N7.3 billion, fuelled by heightened capital market activity.

Ancillary services also contributed strongly, growing 27 per cent from N8.1 billion in 2023 to N10.3 billion, buoyed by optimised service delivery and increased customer engagement.

CSCS maintained a strong balance sheet, with total assets rising 22 per cent to N64.4 billion from N52.8 billion in the previous year.

Key financial ratios also improved, with return on average equity at 30 per cent, return on average assets at 20 per cent and earnings per share increasing to 239 kobo from 202 kobo in 2023.

Chairman of the board of CSCS, Temi Popoola, praised the performance amid a challenging economic climate.

“Despite the macroeconomic headwinds of 2024, we delivered strong results across key financial and operational indicators. Our strategy of consolidating our core offerings while expanding into new business areas enabled us to grow gross earnings by 37 per cent, reaching N26.1 billion.

“In light of this strong performance and our commitment to delivering long-term value to shareholders, the board has proposed a dividend of N1.76 per share, amounting to a total dividend payout of N8.8 billion,” he said.

Managing Director and Chief Executive Officer of CSCS, Haruna Jalo-Waziri, emphasised the resilience and adaptability of CSCS’s business model.

“Our 2024 performance highlights the sustainability of our revenue streams across both traditional and emerging segments. We continue to diversify into new areas and leverage technology to enhance scale and capacity in line with our strategic objectives.

“Amidst economic challenges, we grew operating income by 44 per cent to N22.2 billion, while maintaining a cost-to-income ratio of 47 per cent, reflecting our focus on operational efficiency,” he said.

CSCS remains committed to leveraging innovation and strategic execution to drive growth and sustain shareholder value in the years ahead.