First Pension Custodian declares profit after tax of N3.76bn

By Philemon Adedeji

First pension custodian declared Profit After Tax of N3.76 billion, a 0.8 per cent against the previous year.

From the released statement on the Nigerian Exchange Limited (NGX), Profit Before Tax recorded increased by 5 per cent from N5.34 billion in corresponding period of 2020 to N5.602 billion in the previous year of 2021.

However, total income for the period under review increased higher to a 10.2 per cent to N8.55 billion in 2021 from N7.76 billion in 2020.

Also, total expenses moved from N2.41 billion in full year of 2020 to N 2.945 billion in full year of 2021, an increase of 22 per cent. As income tax expenses rose to a 14 per cent from N1.61 billion in corresponding period of 2020 against N1.84 billion in 2021.

Earnings per share for the period rose by 0.5 per cent from 187 kobo in the 2020 to 188 kobo in 2021.

Strong balance sheet postion

In the financial statement results, First Pension Custodian recorded stronger total assets and total equity which growth improved.

The group’s total assets gained 10.7 per cent to N19.8 billion in 2021 from N17.9 billion in 2020 audited result and accounts for the period vended December 31, 2020. As total liabilities gained 10.3 per cent to N 4.18 billion in 2021 from N3.79 billion in 2020.

Meanwhile, total equity rose by 10.7 per cent to N15.595 billion in 2021 from N14.08 billion in 2020._ Re tained earnings recorded for the period grew by 12.5 per cent to N13.62 in 2021 from N12.09 billion in 2020. In addition, total liabilities increased by 10.3 per cent to N4.183 billion in 2021 from N 3.79 billion declared in 2020.