VFD Group Plc, a leading proprietary investment company in Lagos, has released its financial result for the year ended December 31, 2020, and reported profit after tax (PAT) growth by 170percent to N3.3 billion.
The result showed significant growth and resilience despite lingering uncertainties during the period under review.
The company’s major highlights of the impressive earning results include: Gross Earnings grew by 96percent to N6.65 billion from N3.39 billion; profit before tax (PBT) grew year-on-year by 176percent; trading and Other Non-Interest Income grew by 47percent to N.4.66 billion from N3.17 billion; a 14percent year-on-year decline in Credit Losses and Impairment despite the well documented impact of COVID 19 on the Nigerian economy and in particular, financial services; and and a Total Asset growth of 85percent to N81.67 billion from N44.23 billion.
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Further details of the report shows that above Gross Earnings performance was driven by significant growth in Interest Income which grew by 90percent, while the impressive PBT result was also supported by the business’s ability to keep cost growth lower than revenue growth as Expenses grew by only 34percent.
Based on the impressive results, VFD Group Plc has proposed a final dividend of N8.51 per share. Investment industry insiders say this is a validation of the company’s investment strategy and leadership which reaffirms its position as a unique industry-agnostic investment outfit. In comparison, this is a 158percent increase in dividend payout.
According to Nonso Okpala, GMD/CEO VFD Group, “2020 was a challenging year for the global economy with the onset of a pandemic that questioned every known business principle. However, we weathered it and delivered our best financial performance so far. This was only made possible through the dedication of our staff and the support from our shareholders and other key business stakeholders. It is quite rewarding to see the outcome of those uncertain twelve months.”
Focusing on strategic activities, VFD Group reported that its leading digital banking application which was launched during the year had crossed the 250,000 milestone in unique customer acquired. Other strategic highlight includes investment in Abbey Mortgage Bank, Atiat Leasing Limited, Revamping of its Hospitality Business, and Investment in Atiat Insurance Brokers Limited.
Okpala noted that “the company is well on course to achieve all outlined objectives in its 13year strategic plan while it also shifts its short-term focus towards partnership and investment opportunities beyond Nigeria”
