United Capital reports 71% year-on-year increase in gross earnings

Leading investment bank and pan-African financial services group, United Capital Plc, maintains its upward trajectory, achieving an impressive 71% year-on-year increase in gross earnings to N45.90 billion. This remarkable achievement was recordedin its recently released Audited Financial Statements for the fiscal year ended December 31, 2023.

Amidst economic fluctuations, United Capital Plc has demonstrated resilience and sustained growth, recording impressive marginswith its profit before tax increasing by 28% year-on-year to N17.30 billion, and profit after tax increasing by 18% year-on-year to N11.42 billion. Additionally, the Group has seen substantial increases in its total assets, which grew by 55% year-on-year to N931.95 billion, and its Shareholders’ Funds, which also grew by an impressive 175% year-on-year to N90.71 billion.

As a result of its continuous achievements, United Capital Plc has established itself as a trailblazer in the financial services sector, consistently exceeding expectations and setting new benchmarks for excellence.

Peter Ashade, Group Chief Executive Officer of United Capital Plc, expressed his satisfaction with the Group’s performance, stating: “I am delighted to inform our stakeholders that United Capital has delivered on its promise, achieving a 28% increase in Profit before Tax despite the challenging macroeconomic and operating environment. This underscores our unwavering commitment to enhancing shareholder value through our unique capabilities as a robust and diversified financial services Group.”Looking ahead to the 2024 financial year, Ashade emphasized the Group’s continued focus on driving stakeholder value and transforming client experiences through the disciplined execution of strategic priorities.

Indeed, United Capital Plc is already showcasing early successes this year.Its Securities Trading business emerging as the #1 broker by value on the Nigerian Exchange (NGX), trading equities worth N80.355 billion, and representing 14.89% of stocks traded in March 2024. Additionally, the group’s investment banking business served as Lead Financial Advisor for the Transcorp Power listing on the main board of the Nigeria Exchange (NGX) amongst other market defining transactions.

United Capital Plc is slated to hold its Annual General Meeting (AGM) later this month, during which the proposed dividend to shareholders will be announced and ratified. With a promising start to the year, United Capital anticipates continued growth and success in the months ahead.