Africa Prudential Plc has announced its Unaudited Financial Statements for the period ended June 30th 2022, with Gross Earnings of N1.99 billion and Profit Before Tax of N1.16 billion.
The company delivered an Earnings Per Share of 47kobo.
Profit Before Tax stood at N1.16 billion, compared to N0.97billion in H1 2021 a 19% YoY growth while Profit After Tax was N0.94 billion, compared to N0.83 billion in H1 2021 accounting for 13% YoY growth.
The company recorded a 79% year-on-year growth in Revenue from contracts with customers, driven by a 355% year-on-year growth in digital technology services despite the 9% decline in Fees from Corporate Actions.
Interest income: During the period, interest income declined 8% year-on-year on account of a 9% decline in the interest on loans and advances and a 53% decline in interest on short-term deposits during the period. On the other hand, Interest earned on bonds increased 22% year on year cushioning the effect of the significant decline from other interest income sources.
Total operating expenses: Despite the 10% increase in total operating expenses, our cost-to-income ratio reduced by 4 percentage points to 43% relative to 47% in the corresponding period.
What the company is saying
Commenting on the result, The Managing Director/CEO of Africa Prudential, Mr. Obong Idiong, had this to say: “Our results remain a testament of the impact of our deliberate efforts at diversifying and strengthening our revenue lines to multiple income lines, innovating new ways to deliver value, and adopting cost efficiency in every facet of our operations.
The 355% growth in digital technology income highlights the success of our switch to a technology-oriented business and we remain positive about the potential growth from this revenue stream in the medium to long term. As we venture into the second half of the year, we will continue to deploy value to our customers leveraging on innovation and technology to transform their experience and increase shareholders’ wealth”.
Other key financial highlights
- Interest Income: N1.06 billion, compared to N1.15 billion in H1 2021 (8% YoY decline).
- Gross Earnings: N1.99 billion, compared to N1.67 billion in H1 2021 (19% YoY growth).
- Total Assets: N38.18 billion, compared to N15.76 billion as at FY 2021 (142% YTD growth).
- Total Liabilities: N29.49 billion, compared to N6.99 billion as at FY 2021 (322% YTD growth) Shareholders’ Fund stood at N8.69 billion, a 1% YoY decline from N8.77 billion as at FY 2021.
A commendable financial report. The company undoubtedly continue to grow and.maintain it leadership in the in the industry.
Amazing performance the bank and well reported by the team.