United Capital Reports 93% Growth in Profit to N18.73bn

Kayode Tokede

United Capital Plc, yesterday announced its unaudited financial results for nine months ended September 30, 2024 with about N18.73 billion profit before tax, about 93 per cent increase from N9.72 billion generated in nine months of 2023.

From the profit & loss figures, United Capital declared N15.98 billion profit after tax, about 89 per cent increase from N8.47 billion reported in nine months of 2023.

The company’s gross earnings in nine months of 2024 stood at N28.17 billion, a growth of 61 per cent from N17.51 billion reported in nine months of 2023.

The growth in gross earning was largely driven by growth in Fee and Commission income (+83per cent year-on-year), Net trading income (+154per cent year-on-year) and other income (+564per cent year-on-year).

United Capital’s total assets increased by 36per cennt year-to-date to N1.26 trillion from N931.95 billion reported in December 2023, while shareholders’ funds grew by 27per cent year-to-date to N115.03billion from N90.71 billion reported in 2023 full financial year.

Commenting on the Group’s performance, the Group Chief Executive Officer, United Capital, Mr. Peter Ashade, in a statement said “United Capital group recorded an impressive performance in Q3 2024 despite the challenging and uncertain business environment characterised by rising inflationary trend, volatile currency exchange rate amid the fast-changing macroeconomic landscape.

“Our performance is a testament to the resilience of our business model, strong risk management culture and effective execution of our well-crafted strategies.

“The group delivered Gross Earnings of N28.17 billion with 61per cent year-on-year growth, Profit before tax of N18.73 billion on the back of a strong year-on-year growth of 93per cent, Shareholders’ value improved by 27 per cent from N90.71 billion to N115.03 billion.

“In September, we successfully led the historic issuance of Nigeria’s first-ever Domestic FGN US Dollar Bond, raising over $900 million and achieving an outstanding 180 per cent subscription rate. Through our focused business development initiative, we launched UCee Microfinance Bank making the business our seventh (7th) subsidiary.”

He added that, “As we proceed into the last quarter of the year, we are determined to sustain this performance with focus on delivering superior value to our shareholders. We remain committed to our vision of being the leading investment and finance hub across Africa, deploying innovation and technology to exceed client expectations.

“Finally, I would like to sincerely appreciate our Board, shareholders, customers and staffs for their unwavering support and strong dedication.”