Custodian Investment Plc reported a pre-tax profit of N66.20 billion for the nine months ended September 30, 2026, representing a 25.52% increase from N52.74 billion in the corresponding period of 2025.

Also, the unaudited results show that in Q3 2026, pre-tax profit increased by 3.68% to N23.08 billion from N22.26 billion in Q3 2025.

The investment holding company’s gross revenue increased by 46.92% to N255.41 billion, while profit after tax rose by 26.17% to N57.59 billion, supported by higher interest income and improved insurance service results.

Key Highlights

  • Gross revenue: N255.41 billion (Up 46.92% YoY from N173.85 billion).
  • Insurance service revenue: N115.85 billion (Down 4.81% YoY from N121.71 billion).
  • Interest income: N110.14 billion (Up 232.01% YoY from N33.17 billion).
  • Fees and commission: N16.58 billion (Up 156.05% YoY from N6.48 billion).
  • Insurance service results: N17.65 billion (Up 43.87% YoY from N12.27 billion).
  • EPS: 827 kobo (Up 8.96% YoY from 759 kobo).
  • Management expenses: N29.95 billion (Up 119.41% YoY from N13.65 billion)
  • Total assets: N1.40 trillion (Up 31.33% from N1.06 trillion).
  • Cash and cash equivalents: N193.81 billion (Up 11.27% from N174.18 billion).
  • Total equity: N276.16 billion (Up 26.36% from N218.55 billion).

Driving the numbers

Custodian Investment’s nine-month performance was driven largely by higher investment earnings and improved insurance service profitability, although rising management expenses and insurance financing costs weighed earnings.

  • Gross revenue increased by 46.92% to N255.41 billion, with interest income emerging as a major contributor.
  • Interest income surged by 232.01% to N110.14 billion from N33.17 billion, accounting for approximately 43.12% of gross revenue.

Fees and commission income also increased significantly to N16.58 billion from N6.48 billion, while sales revenue rose by 6.28% to N10.30 billion.

  • However, insurance service revenue declined by 4.81% to N115.85 billion from N121.71 billion.

Despite the decline, the group’s insurance service results improved by 43.87% to N17.65 billion, supported by lower insurance service expenses.

  • Insurance service expenses declined by 17.70% to N58.63 billion from N71.24 billion, while net expenses from reinsurance contracts increased to N39.57 billion from N38.21 billion.

The improvement in underwriting-related profitability was partly offset by higher insurance financing expenses.

  • Net insurance finance expenses increased by 73.72% to N39.39 billion from N22.68 billion, adding pressure to earnings.
  • Management expenses also more than doubled to N29.95 billion from N13.65 billion, representing an increase of 119.41%.

Meanwhile, the investment result increased to N123.45 billion from N82.39 billion, reflecting stronger investment-related earnings.

These movements supported a 25.52% increase in pre-tax profit to N66.20 billion, despite higher operating costs.

  • Profit after tax consequently increased by 26.17% to N57.59 billion, although earnings per share grew more slowly, rising by 8.96% to 827 kobo.

Balance sheet

On the balance sheet, total assets increased by 31.33% to N1.40 trillion as of September 2026, from N1.06 trillion at December 2025, driven primarily by growth in financial assets and loans and advances to customers.

  • Financial assets increased to N754.43 billion from N596.52 billion, while loans and advances rose to N247.85 billion from N130.79 billion.
  • Customer balances also increased, with amounts due to customers reaching N375.07 billion from N242.19 billion.
  • Insurance contract liabilities increased to N338.84 billion from N270.90 billion, reflecting higher insurance-related obligations.

However, operating cash flow weakened, with the group recording a net operating cash outflow of N27.03 billion, compared with an inflow of N26.81 billion in the corresponding period of 2025.

  • Net investing cash inflow amounted to N57.17 billion, helping support the increase in cash balances to N193.81 billion.

Market reaction

Custodian Investment shares closed at N64.70 on October 29, 2026. The stock had gained 50.5% year-to-date from its opening price of N43.00, reflecting a positive share-price performance in 2026.