United Capital grows profit by 146% to N4.7bn

United Capital Plc on Thursday reported a jump of 146 per cent in profit after tax (PAT) for the nine months ended September 31, 2016.

The investment banking firm in 2015 full year results recorded an impressive performance and rewarded shareholders with a dividend of N0.35 kobo per share.

However, going by the unaudited nine month unaudited results made available to stock market operators by the NSE yesterday, shareholders should expect better performance at the end of the current financial year.

According to the results, United Capital recorded N4.7 billion profit after tax from N1.6 billion in prior nine months of 2015.

Consequently, the group results ended the nine months of 2016 with a profit before tax of N3.96 billion, indicating a growth of 65 per cent as against N2.4 billion.

However, the company’s gross earnings rose by 39 per cent to N5.7 billion in Q3 2016, from N4.1 billion posted in the corresponding period of 2015.

Investment income rose from N491 million to N2.6 billion, while fees and commission income grew from N1.1 billion to N1.4 billion.

In spite of the rise in inflation, the management of the United Capital maintained a commendable cost strategy that led to a reduction in total operating expenses by 2.7 per cent from N1.77 billion to N1. 7billion.

The Group Chief Executive Officer of United Capital Plc, Mrs. Oluwatoyin Sanni, had said, “I have no doubt in my mind that the strategies we have put in place in light of our expectations of market scenarios in the coming year will prove effective in delivering much better results.

I must thank all of you for your constant support in our task of building a leading financial services firm in Africa. I am confident that with the dedication of our resourceful staff and your unalloyed support, we will continue to delight you with superior return in every line of business we are involved,” Sanni said.