C&I Leasing Plc announced unaudited consolidated and company earnings results for the period ended March 31, 2018. For the period, on consolidated basis, the company reported gross earnings of NGN 6,479,104,000 compared to NGN 6,097,820,000 a year ago. Net lease rental income was NGN 2,348,931,000 compared to NGN 2,664,022,000 a year ago. Profit on continuing operations before taxation was NGN 405,753,000 compared to NGN 305,688,000 a year ago. Profit attributable to owners of the parent was NGN 362,235,000 compared to NGN 265,476,000 a year ago. Basic earnings per share were 23.07 kobo compared to 16.75 kobo a year ago. Net operating income decreased by 8.7% year-on-year mainly as a result of an increase in lease rental expense, which grew by 38.8% to NGN 2.0 billion year-on-year (March 2017: NGN 1.5 billion).

For the period, on company basis, the company reported gross earnings of NGN 4,293,186,000 compared to NGN 4,544,370,000 a year ago. Net lease rental income was NGN 832,480,000 compared to NGN 1,554,474,000 a year ago. Profit on continuing operations before taxation was NGN 87,296,000 compared to NGN 94,116,000 a year ago. Profit attributable to owners of the parent was NGN 54,551,000 compared to profit of NGN 17,766,000 a year ago. Basic earnings per share were 3.37 kobo compared to 3.66 kobo a year ago.

For the quarter of 2018, the company reported impairment charge negative of NGN 35,073,000 compared to NGN 227,072,000 a year ago.