United Capital’s Nine Month Profit Surges 72%

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United Capital

United Capital Plc posted profit in the sum of N6 billion for the period from January to September, equivalent to a 72.2 per cent climb over the figure it reported a year earlier, according to the group’s unaudited financials obtained from the Nigerian Exchange Limited on Monday.

That was thanks to a growth of more than three-fifths growth in gross earnings, which advanced to N11.3 billion, largely supported by a major boost to investment income and fee & commission income.

The financial services group, whose activities encompass investment banking, asset management, trusteeship and brokerage, also highlighted the two earnings categories as helping to soften the impact of decline in net trading income and other income on revenue.

Pre-tax profit came to N7.1 billion, relative to the N4.1 billion recorded in the corresponding period of last year.

United Capital’s Nine Month Profit Surges 72%

Profit margin, which measures how much of revenue has translated to profit, stood at 52.7 per cent. That compares with the 49 per cent from a year earlier.

“During the period under review, United Capital successfully listed three series commercial papers worth N19.72 billion on the FMDQ Securities Exchange,” CEO Peter Ashade said in a separate document seen by PREMIUM TIMES.

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“This has further positioned us as a company to provide a wider range of wholesale financing solutions to our clients and complement funding base and support for all our businesses.”

Previously a subsidiary of United Bank for Africa (UBA), the group became a separately listed entity after UBA divested its shares in it in 2013.

Shares in United Capital were quoted in Lagos at 12:30 WAT on Monday at N9.70 per unit, trading down 1.52 per cent.