Africa Prudential Plc announced a pre-tax profit of N2.41 billion for the first half of 2026, representing a significant 21.68% year-on-year growth compared to N1.98 billion in H1 2025. This performance was bolstered by increased interest income and a rise in revenue from contracts with customers.
For the second quarter of 2026 alone, pre-tax profit reached N1.63 billion, a 27.67% year-on-year increase from N1.27 billion in Q2 2025. This also marked a substantial 107.75% jump from N782.36 million recorded in Q1 2026.
Profit after tax for H1 2026 climbed 18.10% year-on-year to N1.59 billion from N1.35 billion, primarily driven by stronger earnings in the second quarter. Q2 profit after tax grew by 23.92% year-on-year to N1.07 billion from N865.55 million in Q2 2025, contributing approximately 67% of the total H1 2026 profit after tax.
Earnings per share for H1 2026 stood at 40 kobo. This was supported by a 22.73% year-on-year increase in Q2 EPS, which reached 27 kobo from 22 kobo in the corresponding quarter of 2025.
Revenue and Income Drivers
The robust H1 2026 performance was largely attributed to growth in both Africa Prudential’s core service revenue and interest income. Revenue from contracts with customers saw a 41.00% increase, rising to N742.32 million from N526.47 million.
Within this, registrar maintenance revenue grew to N222.60 million from N180.00 million, while digital technology revenue more than doubled to N21.73 million from N10.00 million. Fees from corporate actions remained the largest contributor to this segment.
Interest income continued to be the primary driver of overall operating income, increasing by 30.59% to N3.46 billion from N2.65 billion. This rise was predominantly fueled by interest from short-term deposits, which climbed to N3.35 billion from N2.54 billion.
Interest on loans and advances also increased to N71.61 million from N64.47 million, though interest on bonds saw a decline to N33.58 million from N39.98 million. The stronger income performance propelled net operating income to N4.21 billion, up 26.95% from N3.32 billion in H1 2025.
However, rising operating costs partially offset the impact on profitability. Personnel expenses increased by approximately 50% to N968.45 million from N645.45 million, mainly due to higher wages, salaries, and other employee benefits. Other operating expenses also rose to N753.40 million from N638.35 million.
Balance Sheet Overview
On the balance sheet, total assets expanded by 11.01% to N46.52 billion from N41.91 billion at December 2025. This growth largely reflected an increase in debt instruments at amortized cost, which reached N35.01 billion from N32.14 billion.
Cash and cash equivalents more than doubled to N1.11 billion from N488.45 million at December 2025, while deposits for shares increased to N1.40 billion from N500 million. The expansion of assets was accompanied by higher liabilities.
Customers’ deposits increased by 13.83% to N30.10 billion from N26.44 billion, and creditors and accruals rose significantly to N2.32 billion from N450.59 million. Consequently, total liabilities increased by 16.54% to N34.00 billion, while total equity experienced a slight decline of 1.65% to N12.52 billion from N12.73 billion at December 2025.
Market Performance
Africa Prudential’s shares closed at N13.20 on Friday, July 17, 2026, marking a 4.3% gain from the previous closing price of N12.65. The stock has gained 13.3% month-to-date in July, although it remains down 10.8% year-to-date, having started 2026 at N14.80 per share.
At the July 17 closing price, Africa Prudential had a market capitalization of N52.8 billion, positioning it as the 72nd most valuable stock on the NGX.
