May 08, (THEWILL) — C&I Leasing Plc posted a pretax profit of ₦532.84 million for the first quarter of 2026, representing a 9.2 percent increase, compared with the ₦487.9 million recorded in the corresponding period of 2025.
The company disclosed this in its unaudited financial results filed on the Nigerian Exchange, with growth largely driven by higher lease income across its core business segments.
Gross earnings rose by 12.8 percent year-on-year to ₦12.78 billion, while net lease income climbed 12.6 percent to ₦6.32 billion. The company also recorded strong growth in outsourcing and tracking income, which increased by 36.3 percent and 27.4 percent, respectively, during the quarter.
Lease rental income remained the company’s biggest revenue source, rising 9.5 percent to ₦11.15 billion and accounting for more than 87 percent of total gross earnings. The performance was supported by finance lease operations, outsourcing contracts, marine vessel rentals, and fleet management services.
Operating income grew by 17.5 percent to ₦7.9 billion, helping operating profit rise to ₦4.18 billion from ₦3.79 billion recorded in Q1 2025.
However, rising borrowing costs continued to weigh on earnings. Finance costs increased sharply by 26.8 percent to ₦3.73 billion, compared to ₦2.95 billion in the same period last year. Operating expenses, including personnel, depreciation, and administrative costs, also rose by nearly 10 percent to ₦3.64 billion.
Despite the pressure from higher financing costs, post-tax profit improved by 15.5 percent year-on-year to ₦500.41 million.
On the balance sheet, total assets expanded by 10.8 percent to ₦150.15 billion, driven mainly by growth in operating lease assets and receivables. Total liabilities also increased to ₦100.56 billion as the company relied more on debt financing to support expansion.
On the Nigerian Exchange, C&I Leasing shares have gained about 11.7 percent year-to-date, extending the strong momentum recorded in 2025.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
