United Capital Announces 41% Increase in PAT to N4.44bn in Half Year H1

United Capital Plc has announced its unaudited half year (H1) financial results for period ended June 30, 2022 with 41 per cent year-on-year (YoY) increase in profit after tax to N4.44billion as against N3.14billion reported in corresponding period.

The financial and investment services group in its results on the Nigerian Exchange Limited (NGX) reported 33 per cent (YoY) increase in gross earnings to N9.11billion in H1 2022 from N6.85billion reported in H1 2021, a contributing factor to significant increase in profit after tax.

Largely contributing to growth in gross earnings can attributable to growth in Fee and Commission income (24per cent YoY), Investment Income (nine per cent YoY) and net trading income (586per cent YoY).

Statement of Financial Position showed a 17 per cent YoY growth in total assets to N531.79billion, compared to N453.60billion as at December 2021, majorly driven by 318per cent growth in cash and cash equivalents.

Commenting on the unaudited financial results, the Group Chief Executive Officer, Mr. Peter Ashade in a statement said: “United Capital is in a stable growth phase amid the challenging operating terrain in 2022.

“We expect to navigate the undulating business landscape in the remaining half of the year towards increasing value delivery to all stakeholder.”

Looking ahead and commenting on the Group’s performance, he added that: “Going into H2, we see vistas of emerging business opportunities within our operating environment and will be collaborating with diverse business leaders and stakeholders across critical economic sectors to deliver new solutions and grow all our businesses in line with our corporate strategy.

“Our impressive H1-2022 result as witnessed in our earnings growth, among other parameters, reinforces our strong start to the year 2022. This uniquely positions the organization to increasing deliver shared prosperity to all stakeholders”

July 27, 2022