April 29, (THEWILL) — Custodian Investment Plc has reported a strong start to 2026, posting a profit before tax of N21.42 billion for the first quarter well above its forecast of N13.5 billion.
The result represents a 73.7 percent year-on-year increase from N12.3 billion recorded in Q1 2025, driven largely by a surge in investment income.
Interest income more than tripled to N35.1 billion from N10.3 billion, supported by higher yields on call deposits and amortised cost investments.
Net fair value gains also contributed significantly, coming in at N17.9 billion compared to a loss of N3.3 billion in the same period last year.
Overall, investment income rose sharply, lifting total investment results to N47.6 billion, up over 300 percent year-on-year.
On the insurance side, revenue declined to N37.3 billion from N43.8 billion, reflecting softer performance across segments.
Non-life business accounted for 68.9 percent of total insurance revenue.
However, rising insurance service expenses particularly reinsurance costs of N13.1 billion kept the insurance service result relatively modest at N908.1 million, albeit a 318 percent increase year-on-year.
After accounting for net insurance finance expenses of N16.7 billion and operating costs, net income settled at N29.9 billion, up 85.6 percent.
Profit after tax came in at N17.8 billion, with earnings per share of N2.65.
The company’s balance sheet remained solid, with total assets rising to N1.1 trillion. Retained earnings climbed to N158.7 billion, pushing total equity to N251.8 billion.
In the market, Custodian’s shares gained 1.99 percent shortly after trading opened on April 29, 2026, with investors likely to respond positively to the stronger-than-expected earnings performance.
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.
