LECON Finance profit jumps 215% on Nigerian leasing growth
Bank of Industry subsidiary LECON Finance posted a 215% surge in 2025 profit to N2.39 billion, signaling strong demand for equipment financing in Nigeria despite macroeconomic headwinds.
LECON Finance Company Limited recorded a profit after tax of N2.39 billion for the full year 2025, representing a 215% increase from N757.7 million in the prior year. The Nigerian development-focused leasing firm, which operates as a direct subsidiary of the Bank of Industry, drove this bottom-line expansion through a 63.4% jump in total revenue to N8.31 billion. Gross income followed a similar trajectory, rising 66.4% year-on-year to N10.84 billion.
Profit before tax climbed 172.7% to N3.39 billion as the company successfully navigated a challenging macroeconomic environment. The firm offset external pressures through strict cost discipline and a measurable reduction in finance costs. Basic earnings per share more than doubled in the process, moving from N0.11 in 2024 to N0.24 last year.
The company's balance sheet expanded in tandem with its income statement. Total assets grew by 52.2% to N33.14 billion, driven primarily by increased origination in its core business lines. Finance lease advances surged 54.8% to N10.29 billion, while operating lease assets reached N13.26 billion. This dual growth underscores rising demand from Nigerian enterprises seeking alternative, flexible financing to acquire essential equipment.
For fixed-income investors and counterparties, LECON's operational resilience translated into top-tier credit assessments. Agusto & Co. assigned the company a long-term rating of Aa- and a short-term rating of A1+. These grades indicate a highly resilient credit profile, minimal default risk, and superior liquidity management.
Beyond the headline financial metrics, LECON's portfolio composition highlights a strategic pivot toward sustainable finance. Its total lease portfolio stood at N23.55 billion at the end of December. A significant 38.3% of this book was allocated to climate and green energy initiatives, directly supporting corporate adoption of sustainable infrastructure.
The firm also maintained a focus on inclusive lending. Exactly 15.74% of its financing was directed toward women- and youth-led businesses, with additional capital deployed into food production and agro-processing. "Our 2025 performance demonstrates the strength of our business model and the confidence businesses place in our leasing solutions," said Managing Director Ebehiriere Ehi-Omoike.
To support future growth, LECON heavily fortified its capital base. Shareholders' equity grew by 110.6% to N8.63 billion, up from N4.10 billion the previous year. This robust capitalization provides the company with the firepower needed to expand its leasing interventions and deepen its footprint across Nigeria's productive sectors.
