The Asset Management Corporation of Nigeria has posted a 212 per cent growth in its profit to N108.43bn in 2023 from N34.73bn in the corresponding period.
This was indicated in a statement issued by the Head Corporate Communications Department, AMCON, Jude Nwauzor, on Tuesday.
It was revealed that this growth was achieved despite challenging macroeconomic conditions.
It stated that fair valuation gains on Eligible Bank Assets increased to N40.9bn in 2023 from a loss of N187.9bn in 2022.
The equity portfolio grew by 82 per cent to N43bn in 2023 compared to N7.9bn in the prior year.
“The significant trading gains are a result of an improved performance in the stock market. Interestingly, the corporation achieved a favourable reduction in total liabilities, from N6.282tn in 2022 to N5.739tn in 2023, primarily due to repayments of the N500bn Central Bank of Nigeria loan.
“The corporation also achieved 89 per cent achievement of its revenue budget in 2023 as the total recovery in 2023 stood at N125.2bn,” the statement partly said.
In the year under review, AMCON recorded N81.65bn in collections from various obligors, N17.8bn from share sales, N15.5bn from reinvestment income, N6bn as proceed from sale of properties, N3.8bn dividend income and N0.5bn from rental income.
AMCON is currently being led by Gbenga Alade, who was appointed in February and confirmed by the Senate in May.
The agency stated that it was“positioned to continue with the positive trajectory achieved in the year 2023, with special emphasis on improved recoveries and efficient realisation of value from the disposal of forfeited assets in furtherance of the corporation’s mandate”.
AMCON, established in July 2010 by an act of parliament, is aimed at providing stability for the financial system by efficiently resolving the non-performing loan assets of the banks.