United Capital grows profit by 134 percent to N6 billion

17 Feb 2017
Financial Nigeria


United Capital has proposed a dividend of N3 billion, translating to 50 per share.

Group CEO, United Capital Plc, Toyin Sanni

United Capital, a leading investment banking firm, reported that its after-tax profit rose by 134 percent in 2016. According to the statement released by the Nigerian Stock Exchange on Thursday, United Capital’s after-tax profit rose to N6 billion from N2.57 billion in 2015.

Its total comprehensive income rose by 169 percent to N6.91 billion from N2.57 billion, owing to the proceeds from the sale of a subsidiary. In May last year, United Capital sold its 50 percent stake in United Metropolitan Life Insurance to South Africa’s MMI Holdings. The company said it gained N909.7 million from the deal.

Revenue rose 46 percent to N9 billion from N6.15 billion in the previous year due to growth in its investment income, fees, commissions and other incomes. Total assets rose 12 percent to N160.69 billion from N144.11 billion a year earlier.

United Capital – formerly UBA Capital – was spun-off from the United Bank of Africa (UBA) in 2011 after the Central Bank of Nigeria directed banks to either divest from non-core banking subsidiaries or form holding companies to house such subsidiaries. The company rebranded to United Capital in 2015, offering four main services: investment banking, asset management, trusteeship, and securities.

United Capital has proposed a dividend of N3 billion, translating to 50 per share. The company’s stock closed at N3.82 per share on Friday, up 3.52 percent from the previous day’s close.

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