United Capital Reports 29% Increase in Profit in Nine Months

United Capital, a leading African financial and investment banking Group, has reported 28% increase in gross earnings to N14.55 billion in the period ended September 30, 2022.

Profit before tax expanded by 29% from N7.09 billion in the corresponding period of 2021 to N9.12 billion in the period under review. Profit after tax also rose 29% to N7.72 billion, up from N5.7 billion.

The company’s total assets jumped 31% year-on-year to N595.97 billion. The company stated in its unaudited financial statement accessed by Investors King.

United Capital Key Financial Highlights for the Period Ended September 2023

❖ Gross Earnings: N14.55billion in 9M 2022, compared to N11.33billion in 9M 2021 (28% growth year-on-year)
❖ Net Operating Income: N13.49billion in 9M 2022, compared to N11.08billion in 9M 2021 (22% growth year-on-year)
❖ Operating expenses: N5.74billion in 9M 2022, compared to N4.24billion in 9M 2021 (35% growth year-on-year)
❖ Profit Before Tax: N9.12billion in 9M 2022, compared to N N7.09billion in 9M 2021 (29% growth year-on-year)
❖ Profit After Tax: N7.72billion in 9M 2022, compared to N5.97billion in 9M 2021 (29% growth year-on-year)
❖ Annualized Earnings Per Share: 171 kobo. (9M 2021: 133 kobo)

Commenting on the unaudited financial results, the Group Chief Executive Officer, Mr. Peter Ashade, had this to say: “I am pleased to inform our stakeholders that United Capital achieved another outstanding performance in the third quarter of the year. This is a fulfilment of our commitment to our stakeholders to keep delivering enhanced returns and driving sustainable growth across all our business lines.

In the fourth quarter of the year 2022, we expect global financial conditions to remain tight, presenting growth challenges for emerging economies. We remain committed to facilitating capital flows to critical sectors that drive growth and national development in our domestic economy while striving to create and preserve wealth for our clients, investors, and stakeholders amid the tough operating environment.”