United Capital Plc grow Q1 2018 gross earnings by 4% to N2.2billon

United Capital Plc, a leading pan-African investment banking group, has announced its Unaudited 2018 First Quarter Financial Results, showing gross earnings of N2.2 billion and Profit Before Tax of N1.49billion.

United Capital generated gross earnings of N2.2bn, an increase of 4 per cent from N2.1bn in Q1 2017, despite the uncertain macroeconomic environment and lower interest rates on treasury assets. Profit Before Tax also grew by 7 per cent from N1.39bn in Q1 2017 to N1.49bn in Q1 2018.

The group’s sustained growth in revenue and profitability is in correlation with the firm’s strategic and efficient management of investment activities across all businesses, better pricing of earning assets, gains from its equity portfolio as well as effective cost management.

Commenting on the results, the Group CEO, Oluwatoyin Sanni said: “As a company, we understand the importance of starting a new financial year on a positive note. At the beginning of the year, we outlined our business objectives and developed a strategy to achieve those goals from the onset. While the market may have sustained challenges beyond our control, we took this as an opportunity to expand our business/product offerings and encouraged innovation in-house to gain market share across our diversified business lines. The sustained growth is a testament to the hard work, dedication and precision United Capital offers its customers across Africa.”

Highlights of the result are as follows:
Income statement:
• Gross Earnings: N2.2billion, compared to N2.1billion in Q1 2017.
• Operating Expenses: N700million, compared to N718million in Q12017.
• Profit Before Tax: N1.49billion, compared to N1.395billion in Q1 2017.
• Profit for the Period: N1.25billion, compared to N1.17billion in Q1 2017.

Balance Sheet:
• Total Assets: N140.4billion, compared to N136.6billion as at FY 2017.
• Funds under Management: N74billion, compared to N70billion as at FY 2017.
• Shareholders’ Funds: N15.8billion, compared to N16.8bn as at FY 2017.

United Capital Plc is an investment banking services group providing bespoke value-added services to its clients. United Capital is well positioned to play a strategic role in helping African governments; individuals; and corporates achieve their strategic objectives through our robust suite of investment banking service offerings.