C&I Leasing Plc reported a pretax profit of N532.84 million in its Q1 2026 unaudited financial statements filed on the Nigerian Exchange.

The result represents a 9.2 per cent year-on-year increase from N487.9 million recorded in the corresponding period of 2025.

The improved earnings performance was supported by strong growth in lease income, which is also the major driver of the gross earnings.

Key highlights for Q1 2026 compared to Q1 2025 show gross earnings at N12.78 billion, up 12.79 per cent year on year. Net lease income was N6.32 billion, up 12.58 per cent year on year. Net outsourcing income reached N470.77 million, up 36.30 per cent year on year. Net tracking income stood at N41.71 million, up 27.44 per cent year on year. Interest income declined to N16.05 million, down 38.72 per cent year on year. Operating profit was N4.18 billion, up 10.27 per cent year on year. Finance cost rose to N3.73 billion, up 26.76 per cent year on year. Pretax profit came in at N532.84 million, up 9.21 per cent year on year. Post-tax profit was N500.41 million, up 15.49 per cent year on year. Total assets stood at N150.15 billion, up 10.77 per cent. Total shareholders’ funds reached N49.59 billion, up 8.84 per cent.

A closer review of the quarter showed that leasing income remained the company’s largest revenue contributor, supported by finance lease operations, outsourcing contracts, marine vessel rentals, and fleet management services.

Lease rental income grew by 9.47 per cent year on year to N11.15 billion and accounted for more than 87 per cent of gross earnings.

The company’s operating income remained strong at N7.9 billion, up 17.48 per cent year on year. However, rising finance costs continued to pressure earnings during the quarter.

With finance costs rising to N3.73 billion from N2.95 billion recorded in Q1 2025, operating profit before operating expenses stood at N4.18 billion, representing a 10.27 per cent increase from N3.79 billion reported in the corresponding period of 2025.

Operating expenses comprising depreciation and amortisation, personnel expenses, and other operating expenses grew by 9.7 per cent year on year to N3.64 billion in Q1 2026, bringing pre-tax profit to N532.838 million, up 9 per cent year on year.

Total assets grew by 11 per cent to N150.15 billion in Q1 2026 from N135.55 billion as at December 2025, driven mainly by operating lease assets, which stood at N69.67 billion and accounted for nearly half of total assets.

Trade and other receivables also increased significantly to N36.41 billion from N21.67 billion, while finance lease receivables rose to N12.51 billion from N10.01 billion.

The company’s expansion remained largely debt-funded, with total liabilities climbing 12 per cent to N100.56 billion from N89.98 billion as at December 2025.

Loans and borrowings increased to N51.20 billion from N47.55 billion, while commercial notes rose to N16.10 billion from N15.26 billion, contributing to the elevated finance costs recorded during the quarter.

Despite the higher leverage profile, total equity improved to N49.59 billion from N45.56 billion, supported by retained earnings growth and positive profitability during the quarter.

On the Nigerian Exchange, shares of CILEASING began the year at N6.85 and have gained 11.7 per cent year-to-date.

The stock has also advanced 16 per cent over the past four-week period, extending the strong momentum recorded in 2025 when the stock delivered an 82 per cent year-to-date return.