CrusaderSterling Pensions: 2023 Audited Accounts Summary
08 July 2024
CrusaderSterling Pensions has published its 2023 corporate and pension fund audited accounts, providing a summary overview of its financial health and fund performance. This report provides a summary review and presents key financial highlights, financial ratios, fund performance, and the trend in the number of Retirement Savings Account (RSA) holders.
Financial Highlights
- Total Revenue: The audited accounts revealed a 20% increase in total revenue, growing to ₦5.92 billion in 2023, up from ₦4.93 billion in 2022. The increase is attributed to a 20.41% increase in management fees as well as a 17.5% improvement in investment and other income.
- Profit After Tax (PAT): PAT rose 21% to ₦2.12 billion, reflecting a reasonable growth from the previous year’s ₦1.74 billion.
- Operating Expenses: Operating expenses rose slower than revenue and PAT by 19% to ₦2.97 billion from ₦2.50 billion, leading to a slight drop in the company’s cost-to-income ratio, which fell to 50.22% from 50.77% indicating prudent cost management despite inflationary pressures.
- Shareholder’s Funds: Company’s shareholders fund ended the year at ₦7.3 billion in 2023 up 12.8% from ₦6.47 billion in 2022
- Return on Equity (ROE): ROE came in at 28.97%, just pipping inflation which closed 2023 at 28.92%.
Financial and Fund Highlights

Corporate Audited Annual Results

Financial Ratios
