By Aduragbemi Omiyale
The unaudited results of United Capital Plc for the third quarter of 2024 showed an 89 per cent rise in post-tax profit to N15.98 billion from the N8.47 billion recorded in the same period of 2023.
In the financial statements filed to the Nigerian Exchange (NGX) Limited on Wednesday, the company disclosed that its profit before tax (PBT) was N18.73 billion in the period ended September 30, 2024, versus N9.72 billion achieved in the corresponding period of last year, representing a 93 per cent year-on-year growth.
The firm recorded this double-digit increase in its bottom line amid a 61 per cent rise in gross earnings to N28.17 billion from the N17.51 billion posted in Q3 of 2023.
The higher revenue was largely driven by 83 per cent growth in Fee and Commission income, 154 per cent rise in net trading income and 564 per cent expansion in other income.
The chief executive of United Capital, Mr Peter Ashade, while commenting on the results, 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 N28.17 billion with 61 per cent year-on-year growth, profit before tax of N18.73 billion on the back of a strong year-on-year growth of 93 per cent, shareholders’ value improved by 27 per cent from N90.71 billion to N115.03 billion.
“In September, we successfully led the historic issuance of Nigeria’s first-ever Domestic FGN US Dollar Bond, raising over $900 million 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.
“We remain committed to our vision of being the leading investment and finance hub across Africa, deploying innovation and technology to exceed client expectations.
“Finally, I would like to sincerely appreciate our Board, shareholders, customers and staff for their unwavering support and strong dedication.”