Veritas Glanvills Pensions: 2023 Audited Accounts Summary

Veritas Glanvills 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 the company rose 21% to ₦2.43 billion in 2023, up from ₦2.00 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 19% to ₦1.77 billion from ₦1.48 billion and a 27% rise in investment income from managing internally generated revenue which rose to ₦658 million from ₦517 million.
• Profit After Tax (PAT): PAT rose 31% to ₦582 million from 444 million in 2022, down on the previous year’s 107% rise.
• Operating Expenses: Operating expenses rose slightly slower than revenue and PAT by 20% to ₦1.71 billion from ₦1.43 billion. This led to a marginal fall in the company’s cost-to-income ratio to 70.44% from 71.52%. Whilst this may indicate that the company may be managing cost and inflationary pressures, a cost to income ratio of 70+% is high.
• Shareholder’s Funds: The company’s shareholders funds ended the year at ₦6.33 billion in 2023 up 5% from the ₦6.0 billion in 2022.
• Return on Equity (ROE): ROE was a very poor 9.19%, indicating a terrible grip on how to efficiently deploy shareholders’ capital to generate profits. Over the last 5 years ROE has averaged just 8.14%.

Financial and Fund Highlights

Corporate Audited Annual Results

Financial Ratios