United Capital Posts N1.26trn Growth In Total Assets

United Capital Plc, has announced its unaudited financial results for the period ended September 30, 2024.

According to the company’s results sent to the Nigeria Exchange Limited (NGX), it’s total assets rose by 36 per cent year-to-date to N1.26trn in September 2024 compared to N931.95bn in December 2023 majorly driven 199 per cent growth in cash and cash equivalents during the period.

Gross earnings grew by 61 per cent year-on-year to N28.17bn in September 2024 compared to N17.51bn in September 2023 largely driven by growth in Fee and Commission income (+83 per cent year-on-year), Net trading income (+154 per cent year-on-year) and other income (+564 per cent year-on-year).

During the period under review, profit before tax grew by 93 per cent year-on-year to N18.73bn while profit after tax increased by 89 per cent year-on-year to N15.98bn driven by 61 per cent growth in gross earnings against 35 per cent growth in total expenses.

The company’s total liabilities increased by 37 per cent year-to-date to N1.15trn in September 2024 compared to N841.23bn in December 2023 largely attributable to 28 per cent year-to-date growth in managed funds and 59 per cent year-to-date growth in borrowed funds.

United Capital Shareholders’ funds grew by 27 per cent year-to-date to N115.03bn in September 2024 compared to N90.71bn in December 2023 majorly driven by 44 per cent year-to-date growth in fair value reserve.

Commenting on the Group’s performance, the Group Chief Executive Officer, Mr. Peter Ashade said, “United Capital group recorded an impressive performance in Q3 2024 despite the challenging and uncertain business environment characterised by rising inflationary trend, volatile currency exchange rate amid the fast-changing macroeconomic landscape.

“Our performance is a testament to the resilience of our business model, strong risk management culture and effective execution of our well-crafted strategies.

The group delivered Gross Earnings of N28.17bn with 61 per cent year-on-year growth, profit before Tax of N18.73bn on the back of a strong year-on-year growth of 93 per cent, Shareholders’ value improved by 27 per cent from N90.71bn to N115.03bn.

In September, we successfully led the historic issuance of Nigeria’s first-ever Domestic FGN US Dollar Bond, raising over $900m and achieving an outstanding 180 per cent subscription rate. Through our focused business development initiative, we launched UCee Microfinance Bank making the business our seventh (7th) subsidiary.

“As we proceed into the last quarter of the year, we are determined to sustain this performance with focus on delivering superior value to our shareholders.”