United Capital Defies Market Volatility, Grows Half-year Profit by 65%

Goddy Egene

The United Capital, Nigeria’s investment bank and pan-African financial and investment services group, yesterday announced its unaudited results for the half year ended June 30, 2021.

The results showed resilience as the company soared through the volatile markets to record significant growths in all performance indices.

Details of the results indicated that revenue rose to N6.853 billion, from N4.447 billion in the corresponding period of 2020. Total expenses printed at N3.113 billion, compared with N2.179 billion in 2020.

However, profit before tax jumped by 65 per cent to N3.740 billion, up from N2.268 billion, while profit after tax (PAT) rose from N1.913 billion to N3.142 billion in 2021.

Commenting on the performance the Group Chief Executive Officer, United Capital Plc, Mr. Peter Ashade, said:“I am excited to inform our stakeholders that United Capital Plc recorded a very impressive H1 2021 results following a record year performance in 2020. We ended theH1 year on a very high note as reflected in our earnings growth and strong financial performance. United Capital Plc is in a growth phase, and I must say that our strong financial performance is a testament of our unwavering commitment to increasing value creation for all our clients amid the harsh socio-economic environment and lingering effects of the devastating pandemic.”

Ashade said that in the remaining half of the year, they would be focused on their transformation agenda by deepening their value propositions to different market segments especially mass affluent and the underserved mass market clients, while driving phased automation of our business processes.

“ Our bespoke affluent segment propositions including private trusts, and wealth management solutions are curated to increase, preserve, and transfer wealth for our fast-growing affluent customer base. Furthermore, our best-in-class digital platforms remain central to our purpose of transforming lives and promoting financial inclusion across Africa by providing easy access to collective investment schemes and micro loans while promoting socio-economic development. Our stakeholders can be assured of our commitment to delivering superior returns. More importantly, we will continue to work with our regulators and other capital market operators on structural reforms to deepen the capital market as the domestic economy continues the path to recovery,” he said.

According to him, United Capital Plc remains a leader in the financial and investment services space, with a mission to provide bespoke and innovative value-added services to its clients.

The group, he added, aimed to transform the African continent by providing innovative and creative investment banking solutions to governments, companies, and individuals.