VFD Group Plc, the proprietary investment firm and parent company of VBank, has announced its audited financial statement for the 2024 financial year. The audited report revealed a remarkable turnaround and robust growth across key performance metrics. The company’s strategic initiatives and innovative approaches have propelled it from a pre-tax loss in 2023 to an impressive financial performance in 2024, underscoring its resilience amid global macroeconomic challenges.
In 2023, VFD Group faced significant headwinds, reporting a pre-tax loss of N1 billion as businesses worldwide grappled with economic uncertainties. However, the company’s unwavering commitment to strategic transformation and operational excellence has yielded extraordinary results in 2024.
The audited financial statement, released on April 25, 2025, highlights a pre-tax profit of N11.2 billion, marking a staggering 1202% year-on-year (YoY) growth. This turnaround reflects the success of VFD Group’s efforts to optimise its investment portfolio and enhance operational efficiency.
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A key driver of this performance was the surge in net investment income, which soared by 95% to N59.0 billion in 2024, up from N30.3 billion in 2023. This growth occurred despite a notable increase in investment expenses, which rose to N15.5 billion from N7.4 billion in the previous year. The company’s ability to achieve such a significant increase in net investment income amidst rising costs demonstrates its adept management of investment strategies and market opportunities.
VFD Group’s net revenue climbed 90% to ₦71.0 billion
VFD Group’s overall financial performance in 2024 was bolstered by strong growth in several critical areas. Investment and similar income reached N74.6 billion, reflecting a 98% YoY increase. Net revenue climbed by 90% to N71.0 billion, driven by the company’s diversified investment activities and innovative financial products. Operating profit also saw an impressive 104% YoY growth, reaching N48.8 billion, further highlighting the company’s operational strength and ability to generate sustainable returns.
The company’s market performance has mirrored its financial success. As of April 22, 2025, VFD Group’s market capitalisation surged by 116% to N121.6 billion, up from N56.2 billion at the start of the year. This significant increase reflects growing investor confidence in the company’s strategic direction and its ability to deliver consistent value.
The company’s leadership attributed the success to a combination of prudent risk management, targeted investments, and a customer-centric approach.
“These outstanding figures are a testament to the hard work and dedication of our team. Our strategic focus on innovation and disciplined execution has positioned us for sustained growth, even in a challenging economic environment,” a representative of the company said.
VFD Group’s flagship subsidiary, VBank, has also played a pivotal role in the company’s growth. As one of the leading digital banks in Nigeria, VBank has expanded its reach and enhanced its offerings, contributing to the group’s revenue diversification. The synergy between VFD Group’s investment activities and VBank’s digital banking innovations has strengthened the company’s position in the financial services sector.
Looking ahead, VFD Group remains committed to delivering exceptional value to its customers, shareholders, and stakeholders. The company plans to continue leveraging technology and strategic partnerships to drive growth while maintaining a disciplined approach to risk and capital management.
“Our focus is on building long-term value and sustaining the momentum we’ve achieved in 2024,” a company spokesperson said.
The 2024 financial results mark a significant milestone for VFD Group, reinforcing its reputation as a dynamic and forward-thinking investment firm. With a robust balance sheet, a growing market presence, and a clear strategic vision, VFD Group is well-positioned to navigate future challenges and capitalise on emerging opportunities in Nigeria’s financial services sector.
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