Kayode Tokede
United Capital Plc, yesterday announced N9.72billion profit before tax in nine months unaudited financial results for the period ended September 30, 2023, representing an increase of seven per cent Year-on-Year (YoY) from N9.12 reported in the corresponding nine months of 2022.
The listed financial and investment services company on the Nigerian Exchange Limited (NGX) announced N8.47 billion profit after tax in nine months of 2023, a growth of 10 per cent YoY when compared to N7.72billion reported in nine months of 2022.
During the period under review, United Capital’s gross earnings closed nine months ended September 30, 2023 at N17.51billion, representing an increase of 20per cent YoY when compared to N14.55billion in September 2022, largely driven by 35 per cent YoY growth in Investment Income.
The company’s total assets stood at N732.50billion as of September 2023 compared to N601.92billion in December 2022. The increase in total assets is majorly attributable to 62per cent growth in cash and cash equivalents and eight per cent growth in investment securities.
United Capital’s total liabilities also grew by 18per cent YoY to N671.29billion in September 2023 compared to N568.93billion in December 2022, and it is driven by nine per cent Year-to-Date (YtD) growth in managed funds and 56per cent YtD growth in other liabilities.
In addition, shareholders’ fund stood at N61.21billion as of September 30, 2023, an increase of 86per cent YtD from N32.99billion reported in 2022.
The increase in shareholders’ fund of United Capital can be attributable to an increase in fair value reserve during the period under review.
Commenting on the unaudited financial results, the Group Chief Executive Officer, Mr. Peter Ashade in a statement said, “United Capital’s third quarter performance reflects our strong ability to deliver sustainable earnings despite the challenging operating business environment.
“This is on the back of a reinforced risk management system and solid execution capabilities. While we are focused on our strategic objective of improving our services and financial offerings to our clients, we remain committed to our promise of delivering superior value to our shareholders.
“This is evident in our performance as we grew gross earnings by 20per cent year-on-year to N17.51billion, total assets by 22per cent year-to-date to N732.50billion and Shareholders’ funds by 86 per cent year-to-date to N61.21billion during the period.
“As we proceed into the fourth quarter of the year, we are positive about the emerging opportunities in our operating environment and we are confident that all our businesses are well positioned to optimise their capabilities in the current dispensation.”
