By Peter Egwuatu
Custodian Investment Plc has declared a Profit After Tax (PAT) of N1.5 billion in the third quarter of 2020, as against N1.37 billion posted the same period in 2019, representing a growth by 9.5 per cent
The Company, according to its consolidated financial report for the third quarter, Q3 2020 sent to the Nigerian Stock Exchange, NSE grew its revenue by 42 per cent to N22.52 billion from N15.85 billion as Interest income advanced by 11.3 per cent Year-on-Year.
Investment income gained 25.4 percent to N7.03 billion. from N5.61 billion. Earnings per share appreciated by 50 percent to N36 from N24 .
Other investments and operating income grew by approximately N6.40 billion. Total assets also grew by 27 per cent to N149.94 billion for the period under view from N118.01 billion
Profit before tax marginally grew by 2.8 percent to N1.73 billion from N1.69 billion
The report showed that on the contrary, despite recording increased gross revenue, the net profit margin decreased over time to 5.8 per cent in Q3 2020 from 23.91 per cent recorded as of Q3 2019 Thus, indicating a probability of weak cost control mechanism or that variable values are not well controlled.
Managing Director, Mr. Wole Oshin, attributed the impressive result to the resilience of the Group, the diversity of its product offerings, commitment of its staff and the unwavering support of its Board of Directors.
He further recognized and appreciated the steadfastness of its clients, agents, brokers and all other stakeholders in the insurance, pension and investment value-chain to the Custodian Group.