Lagos-based share registration service provider, African Prudential Plc, posted 19 percent cut in after-tax profit in the first three months of 2019, triggered by declining yield environment which significantly affected interest income, a major source of revenue to the firm.
Interest income hits N596 million in quarter one of 2019, masking 18 percent decline over N727million realized in the previous comparable period. The reduction in interest income emanated from double-digit decline in interest earned on treasury bills (51%) and bonds (46%).
Profit before and after taxation declined 17 percent each, to N453 million and N381 million in the review period, compared with N542 million and N461 million realized in the corresponding period a year earlier.
Details later……
ISRAEL ODUBOLA
