Oak Pensions: 2023 Audited Accounts Summary
29 July 2024
Oak Pensions published its 2023 audited accounts. This is a summary review and it presents key financial highlights, financial ratios, fund performance, and the trend in the number of Retirement Savings Account (RSA) holders.
Financial Highlights
- Total Revenue: Total revenue for Oak Pensions rose 23% to ₦2.55 billion in 2023, up from ₦2.08 billion in 2022. A breakdown shows that the increase is attributed to higher fee income generated from the pension funds it has under management, which rose 18% to ₦1.88 billion from ₦1.59 billion and a 42% rise in investment income from managing internally generated revenue which rose to ₦652 million from ₦461 million.
- Profit After Tax (PAT): PAT rose 20% to ₦676 million, down on the previous year’s 63% rise.
- Operating Expenses: Operating expenses rose faster than revenue and PAT by 26% to ₦1.78 billion from ₦1.41 billion. This caused the company’s cost-to-income ratio to rise from 68% to 70%, indicting the company also feeling the cost and inflationary pressures in the country.
- Shareholder’s Funds: The company’s shareholders funds ended the year at ₦5.93 billion in 2023 up 4% from the ₦5.69 billion in 2022.
- Return on Equity (ROE): ROE was a low 11.41%. Whilst this is a slight improvement on 2022’s 9.92%, the company does not seem to be efficiently deploying shareholders’ equity to generate profits as over the last 5 years ROE has averaged just 14.02%.
Financial and Fund Highlights

Corporate Audited Annual Results

