United Capital Grows Profit By 93% yoy

United Capital Group has further cemented its upward growth trajectory, with an outstanding financial performance in Q3 2024.

The company posted 93% year-on-year growth in Profit Before Tax to N18.73 billion and an 89% year-on-year growth in Profit After Tax (PAT) to N15.98 billion.

Gross earnings growth of 61% year-on-year, amounting to N28.17 billion while total assets increased by 36% year-to-date, now standing at N1.26 trillion.

While Shareholders’ Funds grew by 27% year-to-date, reaching N115.03 billion.

Peter Ashade, Group Chief Executive Officer of United Capital Group, commented on this achievement saying: “Our group recorded an outstanding financial performance in Q3 2024 despite the challenging and uncertain business environment characterized by rising inflationary trends, a volatile currency exchange rate, and the fast-changing macroeconomic landscape. This success is a testament to the resilience of our business model, strong risk management framework, and effective execution of our well-crafted strategies. I sincerely appreciate the Board, shareholders, customers, and staff of United Capital Group for their unwavering support and strong dedication to our strategic mission.”
Ashade highlighted key milestones contributing to the Group’s overall success this quarter, including the historic issuance of Nigeria’s first-ever Domestic FGN US Dollar Bond in September, which raised over $900 million and achieved an outstanding 180% subscription rate. Additionally, the Group expanded its service offerings with the launch of its seventh subsidiary, UCEE Microfinance Bank, in August 2024.

Looking ahead, he said: “As we enter the last quarter of the year, we remain committed to sustaining this momentum and delivering superior value to our shareholders. Through technology-driven solutions and innovative strategies, we are focused on exceeding expectations and driving exceptional value for our stakeholders. Our goal remains to establish ourselves as the leading investment banking and financial services hub in Africa, furthering our mission to democratize wealth creation across the continent.”

United Capital’s Q3 results reinforces its position as a market leader, showcasing consistent growth across key financial metrics. .