NPF Pensions: 2023 Audited Accounts Summary

NPF Pensions published its 2023 summary audited accounts, providing a short, but insightful overview of the company’s financial health and pension funds’ performance. This report provides a summary review and presents key financial highlights, financial ratios, managed funds’ performance, and the trend in the number of Retirement Savings Account (RSA) holders. Please note: NPF Pensions is only available to members of the Nigerian Police Force.

Financial Highlights

• Total Revenue: Total revenue for the company rose 23% to ₦11.34 billion in 2023, up from ₦9.2 billion in 2022. This increase is attributed majorly to higher fee income generated from the pension funds it has under management, which rose in absolute terms by ₦1.89 billion (21.3%), from ₦8.89 billion to ₦10.76 billion. Income from investing shareholder capital rose by ₦256 million to ₦585 million from ₦329 million.
• Profit After Tax (PAT): PAT rose 6.73% to ₦2.27 billion, up ₦143 million on the previous year’s ₦2.12 billion.
• Operating Expenses: Operating expenses rose faster than both revenue and PAT, up by 43% to ₦8.83 billion from ₦6.14 billion. This increase of ₦2.69 billion led to a double digit increase in the company’s cost-to-income ratio, which rose to 77.83% from 66.78% indicating the company may have succumbed to inflationary pressures which was up ticking most of 2023.
• Shareholder’s Funds: The company’s shareholders ended the year at ₦7.6 billion in 2023 down 3.9% from ₦7.9 billion in 2022.
• Return on Equity (ROE): The ROE closed the year at 29.85%, higher than inflation which closed 2023 at 28.92%.

Financial and Fund Highlights

Corporate Audited Annual Results