Custodian Investment’s Profit Jumps 133% to N60.6bn on Forex Gains
Samuel Mobolaji
Custodian Investment Plc has reported a pre-tax profit of N60.6 billion for the year ended 31 December 2024, reflecting a 133.44 per cent surge from the N25.9 billion recorded in the previous year.
The significant profit growth was driven by strong investment results and an unrealised foreign exchange gain of N23.2 billion. Investment income jumped to N78.2 billion from N29.7 billion, while interest income climbed 63.93 per cent to N34.4 billion, with interest on investments at amortised cost contributing N29.3 billion.
The insurance business also recorded strong performance, with insurance service revenue rising by 47.61 per cent to N96.2 billion from N65.1 billion. Non-life insurance service revenue accounted for N66.2 billion, while life insurance service revenue contributed N29.9 billion.
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However, insurance expenses increased by 45.71 per cent to N68.3 billion, up from N46.9 billion in the previous year. After net reinsurance expenses of N35 billion, the overall insurance result stood at a negative N7.2 billion.
Operating and investment income rose by 68.41 per cent to N21.3 billion, while net income jumped 188.16 per cent to N53.9 billion. Custodian’s total assets grew by 50.96 per cent year-on-year to N407.2 billion, further strengthening its financial position.
The company’s share price closed at N19.50 on 29 March, reflecting a year-to-date gain of 14.04 per cent, following a 90 per cent return in 2024.
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