Africa Prudential Plc for the first quarter of 2026 reported a pre-tax profit of N782.3 million, up from N705.6 million recorded in the corresponding period of 2025.

Supported by interest income of N1.3 billion, the company’s performance reflected a 19.65% increase from N1.1 billion recorded in the first quarter of 2025, according to its latest filing on the Nigerian Exchange.

On the balance sheet, customer deposits stood at N25.7 billion, down 2.80% YoY, while retained earnings increased to N8.7 billion from N8.2 billion.

Short-term deposits accounted for N1.29 billion or 96% of total interest income, followed by loans and advances at N35.6 million and bonds at N16.6 million.

While revenue from contracts with customers was N146.09 million, up 25.27% YoY, gross profit was put at N132.10 million, up 17.91% YoY.

Interest income: N1.34 billion; up 19.65% YoY, net operating income: N1.517 billion; up 16.69% YoY, and personnel expenses: N370.72 million; up 38.00% YoY.

Other operating expenses: N318.05 million; up 10.45% YoY, profit before tax: N782.36 million; up 10.88% YoY, as profit after tax hit N516.36 million; up 7.62% YoY.

Aside from interest income, other income stood at N41.3 million, down from N65.1 million, with rental income of N19 million as the highest source.

The company also generated N146 million from revenue from customers, which, after a cost of sales of N13.9 million, resulted in a gross profit of N132.1 million.

Combined with interest income, this supported total operating income of N1.5 billion, an improvement from N1.3 billion recorded in the first quarter of 2025.

Operating expenses weighed on earnings, with personnel costs of N370.7 million and other administrative expenses of N318 million forming the bulk of total costs.

After accounting for these expenses and other charges, operating profit settled at N782.3 million for the period.

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With no finance costs recorded, this translated directly into pre-tax profit, and after a tax expense of N266 million, post-tax profit came in at N516.3 million.

On the balance sheet, total assets rose to N42.7 billion from N41.9 billion, with debt instruments of N33.04 billion representing the largest asset class.

Customer deposits stood at N25.7 billion, bringing total liabilities to N29.2 billion, while retained earnings rose to N8.7 billion, accounting for a significant portion of total equity of N13.5 billion.