The VFD Group Plc, a proprietary investment company in Lagos has released its financial results for the year ended December 31, 2020. The results showed significant growth and resilience despite lingering uncertainties during the period under review. And based on the impressive performance, VFD Group Plc has proposed a final dividend of N8.51 per share for the shareholders.
Details of the results showed that the company’s gross earnings grew by 96 per cent to N6.65 billion in 2020 from N3.39 billion in 2019. Trading and other non-interest income grew by 47 per cent to N4.66 billion from N3.17 billion. Profit before tax (PBT) grew by 176 per cent from N1.478 billion in 2019 to N4.076 billion in 2020, supported by the business’s ability to keep cost growth lower than revenue growth as expenses grew by only 34 per cent.
Profit after tax grew by 170 per cent to N3.3 billion, from N1.240 billion in 2019. The company also recorded a 14 per cent year-on-year decline in credit losses and impairment despite the well documented impact of COVID 19 on the Nigerian economy and in particular, financial services. VFD Group ended the year with 85 per cent in total assets to N81.67 billion, compared with N44.23 billion in 2019.
According to, Group Managing Director/CEO VFD Group, Nonso Okpala, 2020 was a challenging year for the global economy with the onset 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,” Okpala said.
Focusing on strategic activities, VFD Group reported that its leading digital banking application which was launched during the year had crossed the 250,000 milestone in unique customer acquired. Other strategic highlight includes investment in Abbey Mortgage Bank, Atiat Leasing Limited, revamping of its hospitality business, and investment in Atiat Insurance Brokers Limited.
The CEO said VFD Group is well on course to achieve all outlined objectives in its 13 years strategic plan while it also shifts its short-term focus towards partnership and investment opportunities beyond Nigeria.
VFD Group is a financial services focused proprietary investment company that creates value by working within Nigeria’s informal financial sector to create innovative products and solutions that are accessible to the everyday Nigerian citizen and entrepreneur.