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Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (17 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review

Royal Exchange

ROYALEX · Nigerian Exchange · Consolidated statements

On this page
Company details
Legal name
Royal Exchange PLC
Listing
ROYALEX on the Nigerian Exchange, active · ISIN NGROYALEX007 (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 December

Overview

Year ended 31 December 2025 · audited financial statements, signed / final · source

  • Operating income

    NGN 1.66 billion

    1,660,808 NGN thousands · p36

    +5.4% vs 2024

  • Profit / (loss) for the year

    NGN 851 million

    851,427 NGN thousands · p36

    −15.4% vs 2024

  • Total assets

    NGN 12.0 billion

    12,003,721 NGN thousands · p35

    +30.4% vs 2024

  • Total equity

    NGN 7.11 billion

    7,107,373 NGN thousands · p35

    +13.6% vs 2024

  • Cash from operations

    −NGN 679 million

    (678,702) NGN thousands · p39

    Change not shown.

Large amounts are rounded for reading (NGN million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Not shown: the prior-year figure is zero or negative.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in NGN thousands unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY2025 — audited financial statements, signed / final; reported for the year · source
  • FY2024 — audited financial statements, signed / final; comparative in the FY2025 filing · source

Income statement

Income statement, NGN thousands. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Interest Income 557,197 441,151
Interest Expense (259,791) (206,254)
Net Interest Income 297,406 234,897
Fee and Commission 6,767 11,162
Investment and other income1 289,154 492,457
Share of profit on investment in associate 1,038,348 828,025
Net fair value gain or loss on financial assets 28,643 7,529
Other operating income 490 1,072
Operating income 1,660,808 1,575,142
(Charge)/write-back of impairment allowance (154,594) 38,687
Net operating income after credit loss expense on financial assets2 1,506,214 1,613,829
Personnel expenses (221,079) (179,077)
Operating expenses3 (417,681) (405,714)
Profit before tax 867,454 1,029,038
Minimum tax4 (4,246) (4,676)
Income taxes5 (11,781) (18,459)
Profit for the year 851,427 1,005,903
Non-controlling interest6 –7 –7
Changes in fair value of FVOCI investments8 –9 –9
Total other comprehensive income, net of tax –10 –10
Total comprehensive income for the period 851,427 1,005,903
  1. Printed “-”; reading unresolved, so no amount is shown. Printed dash; the attribution total is unlabelled, so no printed subtotal confirms a nil reading.
  2. Printed “-”, read as nil: subtotal_arithmetic: is.other_comprehensive_income.
  3. Printed “-”, read as nil: subtotal_arithmetic: is.total_comprehensive_income.
Notes and alternative reported figures (7)
  1. “Investment and other income” is an issuer-specific line, not mapped to a shared definition: Note 27; within operating income.
  2. “Net operating income after credit loss expense on financial assets” is an issuer-specific line, not mapped to a shared definition: Printed subtotal: operating income after the impairment charge/write-back.
  3. “Operating expenses”: mapping to a shared definition is uncertain. Operating expenses other than personnel expenses (note 31), which are printed separately.
  4. “Minimum tax” is an issuer-specific line, not mapped to a shared definition: Note 19(a): minimum tax, printed apart from income taxes.
  5. “Income taxes”: mapping to a shared definition is uncertain. Income taxes excluding minimum tax, which is printed on its own line.
  6. “Non-controlling interest” is an issuer-specific line, not mapped to a shared definition: Profit attributable to non-controlling interest; printed dash.
  7. “Changes in fair value of FVOCI investments” is an issuer-specific line, not mapped to a shared definition: OCI, may be reclassified; printed dash.

Balance sheet

Balance sheet, NGN thousands. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Cash and cash equivalents 2,067,347 1,157,687
Loans and advances to customers 611,341 823,470
Advances under finance lease1 16,121 31,912
Trustee Assets2 135,000 203,828
At Fair Value Through Profit or Loss 74,215 56,724
Amortized Cost 731,432 143,544
Investment in subsidiaries3 –4 –4
Investment in associates 7,549,412 6,616,939
Other receivables and prepayments5 595,543 111,515
Deposit for shares6 39,000 39,000
Property and equipment 184,310 20,455
Total assets 12,003,721 9,205,074
Trustee Liabilities7 2,125,967 541,967
Borrowings 1,691,477 1,121,787
Other liabilities 1,043,167 1,254,379
Current income tax liabilities 35,737 30,827
Finance Lease Obligation8 –9 168
Total liabilities 4,896,348 2,949,128
Share capital 4,133,349 4,133,349
Share premium 2,690,936 2,690,936
Regulatory risk reserves 416,481 416,481
Retained earnings (87,869) (939,296)
Other component of equity (45,524) (45,524)
Capital and reserves attributable to owners 7,107,373 6,255,946
Non-controlling interests –10 –10
Total equity 7,107,373 6,255,946
Total equity & liabilities 12,003,721 9,205,074
  1. Printed “-”, read as nil: subtotal_arithmetic: bs.total_assets.
  2. Printed “-”, read as nil: subtotal_arithmetic: bs.total_liabilities.
  3. Printed “-”, read as nil: subtotal_arithmetic: bs.total_equity.
Notes and alternative reported figures (7)
  1. “Advances under finance lease” is an issuer-specific line, not mapped to a shared definition: Note 7: finance-lease receivables of the leasing subsidiary.
  2. “Trustee Assets” is an issuer-specific line, not mapped to a shared definition: Note 8: assets held under the trusteeship business.
  3. “Investment in subsidiaries” is an issuer-specific line, not mapped to a shared definition: Note 10(a); nil in the Group columns.
  4. “Other receivables and prepayments” is an issuer-specific line, not mapped to a shared definition: Note 11.
  5. “Deposit for shares” is an issuer-specific line, not mapped to a shared definition: Note 12(c).
  6. “Trustee Liabilities” is an issuer-specific line, not mapped to a shared definition: Note 15: liabilities of the trusteeship business.
  7. “Finance Lease Obligation” is an issuer-specific line, not mapped to a shared definition: Note 20; current/non-current split not printed.

Cash flow

Cash flow, NGN thousands. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Cash generated from operations (unlabelled subtotal) (667,585) (141,912)
Income tax paid (11,117) (232,700)
Net cash used by operating activities (678,702) (374,612)
Purchases of property and equipment (163,127) (12,392)
Additional investment in associates1 105,875 60,000
Additional investment in subsidiary2 –3 –3
Purchase of investment securities4 (576,735) –3
Trustee Assets5 68,827 (35,184)
Net interest received –3 246,229
Net cash (used by)/generated from investing activities (565,160) 258,653
Proceeds from borrowings6 569,690 (713,253)
Repayment of finance lease (168) –7
Right issues8 –7 1,560,665
Trustee liabilities9 1,584,000 35,185
Unclaimed dividend paid10 –7 (79,662)
Net cash generated from financing activities 2,153,522 802,935
Cash and cash equivalent at beginning of year 1,157,687 470,711
Net increase in cash and cash equivalent 909,660 686,976
Cash and cash equivalent at end of the year 2,067,347 1,157,687
  1. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
  2. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
Notes and alternative reported figures (8)
  1. “Additional investment in associates” is an issuer-specific line, not mapped to a shared definition: Investing activities (note 12a); printed positive in the Group columns.
  2. “Additional investment in subsidiary” is an issuer-specific line, not mapped to a shared definition: Investing activities (note 10(a)); nil in the Group columns.
  3. “Purchase of investment securities” is an issuer-specific line, not mapped to a shared definition: Investing activities (note 34(iii)).
  4. “Trustee Assets” is an issuer-specific line, not mapped to a shared definition: Investing activities: movement in trustee assets (note 15).
  5. “Proceeds from borrowings”: mapping to a shared definition is uncertain. Printed as a net movement: positive in 2025, (713,253) in 2024.
  6. “Right issues” is an issuer-specific line, not mapped to a shared definition: Financing activities: rights issue proceeds.
  7. “Trustee liabilities” is an issuer-specific line, not mapped to a shared definition: Financing activities: movement in trustee liabilities.
  8. “Unclaimed dividend paid” is an issuer-specific line, not mapped to a shared definition: Financing activities.

Per share and shares

Per share and shares. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Earnings / (loss) per share (per share)3 0.211 0.132
Profit / (loss) attributable to shareholders (NGN thousands)4 851,427 1,005,903
  1. Printed as 21 kobo; value converted to NGN at 100 kobo = 1 NGN.
  2. Printed as 13 kobo; value converted to NGN at 100 kobo = 1 NGN.
Notes and alternative reported figures (2)
  1. Earnings / (loss) per share: printed as “Profit/(Loss) per share - Basic and diluted (kobo)”.
  2. Profit / (loss) attributable to shareholders: printed as “Owners of Royal Exchange Plc”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

No dividend statement or amount collected.

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • Royal Exchange PLC Consolidated and Separate Financial Statements for the year ended 31 December 2025 Together with Directors' and Independent Auditor's Reports

    Year ended 31 December 2025 · Audited financial statements · signed / final

    Audit: Kreston Pedabo Audit Services, unmodified opinion · signed

    Auditor's sign-off: Ajibade Taofeek Fashina (Mr.), FCA, FRC/2013/PRO/ICAN/004/00000000904, for Kreston Pedabo Audit Services

    Final status: Independent auditor's report to the members of Royal Exchange PLC (opinion PDF p32) signed (handwritten) by Ajibade Taofeek Fashina (Mr.), FCA (FRC/2013/PRO/ICAN/004/00000000904) for Kreston Pedabo Audit Services, Lagos, dated '31 March, 2026' with the day handwritten, and the ICAN seal (PDF p34, page image). Statements approved by the board on '30th' March 2026 (day inserted in the dotted space) and signed (handwritten) by the chairman, the CFO and the managing director (PDF p35, page image).

    Document date
    31 Mar 2026
    Auditor's report
    31 Mar 2026
    Board approval
    30 Mar 2026
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2025, FY2024
    Basis
    consolidated statements · NGN thousands (printed “In thousands of Naira”)
    • Earnings per share: the income statement prints 21 kobo (2024: 13) for the Group (p36); note 32 prints 21 (2024: 24) with profit 1,005,902 thousand over 4,133,349 thousand shares (p75, 'Basic and diluted earnings per share(kobo)'). The statement's figures are transcribed.
    • Group cash-flow statement (p39): the operating section opens with 'Profit for the year' 851,427 (2024: 1,029,038, which is the income statement's 2024 profit before tax) and 'Profit before taxes' 867,454 (2024: 1,052,173, against 1,029,038 on p36). The impairment add-back (6,667) differs from the income statement charge (154,594). These reconciliation lines are not transcribed; the operating subtotals are kept as printed.
    • 'Additional investment in associates' is printed as an inflow in the Group columns (105,875; 2024: 60,000) and as (60,000) in the Company's 2024 column (p39). Kept as printed.
    • The statement of financial position is unclassified (no current/non-current subtotals) (p35). The capital-and-reserves-attributable-to-owners row is read by its position after 'Other component of equity'.
    • Earnings per share is printed in kobo, basic and diluted on one line (21; 2024: 13, p36); stored in naira (÷100) with the printed figure and unit kept.
    Technical details
    File
    93 pages, with a text layer
    SHA-256
    0a582a261bdc48b7086c214b041a868339ec437c0b54bce734cb61e9b82bf19c
    Entity as printed
    Royal Exchange PLC and its subsidiaries (together "the Group")
    Exchange copy
    retrieved 2026-10-08T17:59:35Z

Data notes

No figure-level notes beyond those in the tables.

Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (17 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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Figures shown on this page (CSV) — the same selected figures at their exact printed values, each with its source document, SHA-256, page, selection rule and reading. Independent review of these figures is pending.

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