Q3 2017: United Capital Posts N6.2bn Earnings, N3.3bn Profit

United Capital sees 26% rise in PAT to N3.46bn

United Capital Plc, a leading Pan-African investment banking group on Friday unveiled its results for the nine months ended September 30, 2017.

Details of the results show gross earnings of N6.2 billion, up 10 per cent, from N5.689 billion in the corresponding period of 2016. Investment income  improved  by 59 per cent from N688 million to N1.099 billion, while profit after tax (PAT) increased to N3.274 billion, as against N3.170 billion in 2016.

United Capital’s shareholders’ fund grew by  seven  year-to-date to N15.2 billion, a reflection of the group’s resilience and capacity to create value for its investors irrespective of the cycle over the long term, while total assets stood at N160 billion.  Additionally, United Capital’s strong balance sheet capacity reflects a strong franchise and ability to remain a trusted partner to clients in pursuit of their financial goals.

Commenting on the results, the Group Chief Executive Officer, Oluwatoyin Sanni said: “The 10 per cent growth in gross earnings reflects the positive trajectory of the group, driven by the loyal support of our esteemed customers and our results-oriented workforce. In spite of the challenging macroeconomic and business environment, we leverage innovation and tenacity to gain market share across our diversified business lines.”

She added that the company broadened its African footprint, launched new offerings to meet the evolving needs of  its clientele, and enhanced its  online trading platform (InvestNow 2.0), which is built on new technologies.

“As a recognition of our strong balance sheet, business capacity and sound governance, Agusto & Co, the foremost rating agency in Nigeria assigned United Capital an ‘A-‘ rating with a stable outlook on our Group – a top notch upgrade from ‘BBB+’ and the highest rating of an investment bank in Nigeria.

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As we close out the year, our team is dedicated to sustaining this strong performance, as we remain resolute in delivering superior returns to our shareholders over the long term. We understand the importance of being nimble and innovative at all times. Our team remains optimistic and focused as we identify new opportunities across our diversified portfolio,” Sanni said.

The GCEO added that the impressive performance is an attestation of United Capital’s commitment to delivering bespoke investment banking solutions to clients across various segments of the Nigerian market and broader African continent.