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VFD Group, the parent company of VBank, has reported a pre-tax profit of N11.2 billion for the year 2024
VFD Group, the parent company of VBank, has shared some very good news. For the year 2024, VFD Group reports pre-tax profit of N11.2 billion. This is a huge improvement compared to last year, and it shows that the company is doing really well now.
In 2023, VFD Group had a tough time and actually made a pre-tax loss of N1 billion. Many businesses were struggling because of the uncertain economy. But VFD Group didn’t give up. They worked hard to change their strategies and improve how they operate. Because of this, VFD Group reports pre-tax profit for 2024 that is much better, a big jump from losing money to making N11.2 billion before taxes.
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This growth is impressive. VFD Group’s net investment income almost doubled, going up by 95% to N59 billion in 2024. Even though their investment costs also increased, the company managed to make much more money from their investments. Their total revenue grew by 90%, reaching N71 billion, showing that their business is expanding in many ways.
The company’s operating profit also went up by 104%, reaching N48.8 billion. This means VFD Group is not just making more money but is also running its business more efficiently. Because of all this good news, the company’s market value more than doubled. By April 2025, VFD Group’s market capitalisation rose to N121.6 billion from N56.2 billion at the start of the year. Investors are clearly happy with how the company is performing.
VFD Group pre-tax profit for 2024 is a sign of strong leadership and smart decisions. The company’s team focused on managing risks carefully, making smart investments, and always thinking about their customers. A company spokesperson said, “Our success shows the hard work and dedication of everyone involved. Even with challenges in the economy, we stayed focused on innovation and good planning.”
VBank, the digital bank owned by VFD Group, also helped a lot. VBank has been growing fast by reaching more customers and offering better services. This helped VFD Group earn money in different ways and made the whole group stronger.
Looking ahead, VFD Group plans to keep growing while being careful with money. They want to keep building value for their customers and shareholders. The company will continue using technology and partnerships to grow even more.
In summary, VFD Group reports pre-tax profit of N11.2 billion for 2024, showing a fantastic turnaround from last year’s loss. With strong financial results and a clear plan for the future, VFD Group is ready to face new challenges and take advantage of opportunities in Nigeria’s financial sector. This success story is a great example of how hard work and smart choices can lead to big improvements.
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