Nonso Okpala
VFD Group Plc, a proprietary investment company, has released its financial result for the year ended December 31, 2020, reporting 170 per cent growth in profit after tax (PAT), which stood at N3.3 billion.
The result showed significant growth and resilience despite the lingering uncertainties in the economy. Major highlights of the earning results included 96 per cent growth in gross earnings, from N3.39 billion recorded in 2019 to N6.65 billion, 176 per cent growth in profit before tax (PBT) and 47 per cent growth in trading and other non-interest income (from N3.17 billion to N.4.66 billion).
It also recorded a 14 per cent decline in credit losses and impairment and total asset growth of 85 per cent, from N44.23 billion reported in 2019 to N81.67 billion.
The proposed dividend payout is 158 per cent higher than its previous year’s performance. The Group Managing Director, Nonso Okpala, said: “2020 was a challenging year for the global economy with the outbreak 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 a 250,000 unique customer milestone.