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VFD Group Plc recorded a 96 per cent increase in profit after tax to N13.00bn for the nine months ended September 30, 2026, from N6.63bn in the corresponding period of 2025, driven by growth in investment income. The principal investment company’s profit before tax rose by 92 per cent to N15.34bn from N7.99bn, while gross earnings increased by 35 per cent to N81.88bn from N60.72bn, according to its unaudited financial statements released for the period.
Profit attributable to shareholders grew by 97 per cent to N9.52bn, while earnings per share increased to 75 kobo from 38 kobo in the corresponding period of the previous year. Net investment income rose by 59 per cent to N72.18bn, while net revenue increased by 42 per cent to N77.52bn. Interest income from placements grew by 51 per cent to N21.05bn, while income from debt instruments increased by 164 per cent to N10.87bn. Fees and commission income also rose to N4.47bn.
Commenting on the results, the Group Managing Director and Chief Executive Officer, VFD Group Plc, Nonso Okpala, said “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. With the appointment of Mrs. Emezie-Ezigbo as Deputy Managing Director, we are building the leadership depth that will allow this institution to keep performing well beyond any one individual or management team.”
The company’s operating profit increased by 47 per cent to N58.53bn, supported by a 44 per cent reduction in impairment charges to N1.29bn. The Group’s cost-to-income ratio improved to 24.5 per cent from 26.9 per cent, indicating that revenue grew faster than operating costs. The growth in earnings coincided with an expansion of the Group’s balance sheet, as total assets rose by 30 per cent to N577.64bn as of September 30, 2026, from N445.81bn at the end of December 2025.
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Investment in financial assets more than doubled to N217.08bn, while funds under management increased by 84 per cent to N142.52bn. Shareholders’ funds rose by 87 per cent to N130.02bn, of which N105.93bn was attributable to the owners of the company. The Group’s capital position was also affected by a N50.67bn rights issue, while it raised N22.75bn through an A1-rated commercial paper issuance during the period.
At the parent company level, VFD Group Plc recorded an 84 per cent increase in gross earnings to N36.52bn, while net investment income rose by 123 per cent to N32.53bn. Profit before tax increased to N7.23bn from N350m in the corresponding period of 2025, while profit after tax rose to N6.18bn from N300m. Earnings per share increased to 49 kobo from two kobo. The parent company’s shareholders’ funds increased by 131 per cent to N94.30bn, while borrowings declined by 14 per cent to N108.02bn. Borrowings relative to shareholders’ funds fell to approximately 1.1 times from 3.1 times at the beginning of the year. The company also secured regulatory approval for Anchoria Capital Group as a capital market holding company and appointed Mrs. Ijeoma Emezie-Ezigbo as its first Deputy Managing Director.
The Executive Director, Finance, VFD Group Plc, Folajimi Adeleye, said, “The rights issue has done what we said it would. Company borrowings fell 14 per cent and shareholders’ funds more than doubled. 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 for key leadership positions across the Group and its portfolio companies; continuing to lower the cost and extend the tenor of our funding; deploying capital with discipline across our five investment verticals; and completing the integration and expansion of our capital markets business, Anchoria Capital Group under their new corporate structure.”
