Africa Prudential Plc reported a pre-tax profit of N782.3 million for the first quarter of 2026, an increase from the N705.6 million recorded in the corresponding period of 2025, according to its latest filing on the Nigerian Exchange.

The company's performance was bolstered by interest income of N1.3 billion, marking a 19.65% rise from N1.1 billion in Q1 2025. Short-term deposits were the primary driver, contributing N1.29 billion, or 96%, of the total interest income. Loans and advances contributed N35.6 million, while bonds added N16.6 million.

On the balance sheet, customer deposits stood at N25.7 billion, a 2.80% year-over-year decrease. However, retained earnings grew to N8.7 billion from N8.2 billion, indicating stronger accumulation of earnings.

Revenue from contracts with customers reached N146.09 million, a 25.27% year-over-year increase. After a cost of sales of N13.9 million, this resulted in a gross profit of N132.10 million, up 17.91% year-over-year.

Combined with interest income, this supported a net operating income of N1.517 billion, an improvement from N1.3 billion in the first quarter of 2025. Personnel expenses rose by 38.00% to N370.72 million, and other operating expenses increased by 10.45% to N318.05 million.

After accounting for these expenses and other charges, operating profit settled at N782.3 million for the period. With no finance costs recorded, this figure translated directly into pre-tax profit. Following a tax expense of N266 million, the profit after tax was N516.36 million, a 7.62% increase year-over-year.

Total assets rose to N42.7 billion from N41.9 billion, with debt instruments of N33.04 billion representing the largest asset class.