Africa Prudential’s nine-month profit rises 31% to N2.69bn

Africa Prudential Plc recorded a 30.8 per cent increase in profit after tax to N2.69bn in the first nine months of 2026, supported by higher interest income.

The company reported a profit after tax of N2.69bn for the period ended 30 September, 2026, compared with N2.05bn recorded in the corresponding period of 2025.

Its unaudited financial statements showed that interest income rose by 46.1 per cent to N5.85bn from N4bn a year earlier.

The growth in interest income helped push net operating income up by 35.2 per cent to N6.91bn from N5.11bn in the same period of 2025.

Revenue from contracts with customers also increased by 11.3 per cent to N1.07bn from N965.34m, while gross profit rose by 8.4 per cent to N941.16m from N868.35m.

However, other income declined by 48 per cent to N124.67m from N239.94m.

Africa Prudential’s operating costs rose during the nine-month period, reducing some of the gains from higher income.

Personnel expenses increased by 43.2 per cent to N1.39bn from N969.91m, while other operating expenses climbed by 38.5 per cent to N1.33bn from N962.41m.

Credit loss expense fell to N10.01m from N14.87m, while depreciation declined slightly to N46.30m from N48.11m.

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Amortisation of intangible assets dropped to N40.79m from N94.14m.

Despite the increase in operating expenses, profit before tax rose by 34.8 per cent to N4.07bn from N3.02bn.

Income tax expense increased by 43.2 per cent to N1.38bn from N966.94m.

The company’s earnings per share rose to 67 kobo from 51 kobo, indicating improved earnings attributable to each ordinary share.

Africa Prudential’s total assets increased by 7 per cent to N44.84bn as of 30 September, 2026, from N41.91bn at the end of December 2025.

Debt instruments held at amortised cost rose to N33.59bn from N32.14bn, while equity instruments measured at fair value through other comprehensive income increased to N8.53bn from N6.30bn.

Cash and cash equivalents, however, declined slightly to N479.85m from N488.45m.

Customer deposits increased by 3.2 per cent to N27.30bn from N26.44bn, while total liabilities rose by 6.6 per cent to N31.09bn from N29.18bn.

Total shareholders’ equity grew by 8 per cent to N13.75bn from N12.73bn, supported partly by an increase in retained earnings to N8.94bn from N8.25bn.