Firm’s 9-month Profit Hits N13bn On Investment Income Growth

VFD Group Plc, has reported a 96 per cent increase in profit after tax to N13 billion for the nine months ended September 30, 2026.

According to its unaudited consolidated financial statements released on the Nigerian Exchange, the Group’s profit after tax rose to N13.00 billion from N6.63 billion recorded in the corresponding period of 2025. Profit before tax also grew by 92 per cent to N15.34 billion from N7.99 billion.

The Group recorded gross earnings of N81.88 billion, representing a 35 per cent year-on-year increase from N60.72 billion in 2025.

The strong profitability was driven primarily by investment income. Net investment income increased by 59 per cent to N72.18 billion, while net revenue rose by 42 per cent to N77.52 billion. Interest income from placements grew by 51 per cent to N21.05 billion, income from debt instruments rose by 164 per cent to N10.87 billion, and fees and commission income increased to N4.47 billion.

Operating profit grew by 47 per cent to N58.53 billion, supported by improved operating efficiency and a 44 per cent reduction in impairment charges to N1.29 billion. Cost-to-income ratio improved to 24.5 per cent from 26.9 per cent, while earnings per share rose to 75 kobo from 38 kobo.

The Group’s balance sheet also expanded significantly. Total assets rose by 30 per cent to N577.64 billion from N445.81 billion as at December 2025, while investment in financial assets more than doubled to N217.08 billion. Funds under management increased by 84 per cent to N142.52 billion.

Shareholders’ funds rose by 87 per cent to N130.02 billion, reflecting the deployment of capital raised through its N50.67 billion rights issue.

At the parent company level, VFD Group Plc recorded gross earnings of N36.52 billion, up 84 per cent, while profit after tax grew to N6.18 billion from N300 million in the prior year.

Speaking on the results, Group managing director and chief executive officer, VFD Group, Mr Nonso Okpala, said the profit was earned from core investment activity, but the more important work was ensuring sustainability.

“Profit after tax has almost doubled, and it has been earned from our core investment activity. But the more important work this year has been making sure results like these can be sustained. We have recapitalised the Group, lengthened our funding and placed our capital market businesses under a single SEC-approved holding company,” Okpala said.

He added that the appointment of Mrs Ijeoma Emezie-Ezigbo as the Group’s first-ever deputy managing director reinforces commitment to institutional governance and leadership continuity.

Executive director, Finance, Mr Folajimi Adeleye, said the rights issue has strengthened the capital base, with company borrowings falling by 14 per cent to N108.02 billion and shareholders’ funds more than doubling.

“The Group’s funding is longer-dated and less dependent on short-term financing. Into the fourth quarter, we will focus on formalising a succession framework, lowering cost and extending tenor of funding, and completing integration of Anchoria Capital Group,” Adeleye said.