A proprietary investment firm, VFD Group Plc., has disclosed its 2020 earnings, stating that it saw a growth of 96 percent to N6.65 billion in 2020 from N3.39 billion in 2019.
The report showed that during the period under review, despite the challenges presented by the COVID-19 pandemic the group experienced impressive growth, proposing a final dividend of N8.51 per share.
It added that the group’s trading and other non-interest income saw a 47 percent increase to N4.66 billion from N3.17 billion.
Its profit before tax (PBT) increased from N1.478 billion in 2019 to N4.076 in 2020, representing a growth rate of 176 percent.
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Owing to the impact of the pandemic, VFD Group, in its report, disclosed a 14 percent year-on-year decline in credit losses.
Speaking on the company’s earnings report, the Group Managing Director and Chief Executive Officer (CEO), Nonso Okpala, “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.”
He added that amid the uncertainties of the past year, “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.”
