United Capital reports 59% growth in profit in Q1 2016

11 Apr 2016
Financial Nigeria


United Capital's gross revenues rose 29.6 percent to N1.86 billion in the first quarter of 2016.

Oluwatoyin Sanni, Group CEO, United Capital

United Capital Plc, a leading Nigeria-based financial and investment services group, has said its pre-tax profit for the first quarter ended March 31, 2016, rose 59 percent year-on-year to N1.42 billion compared with N892.45 million reported in Q1 2015.

According to the firm’s financial results released on Monday, gross revenues rose 42 percent to N1.86 billion in Q1 2016, compared with N1.31 billion declared in a similar period last year. In the period under review, investment income rose 54 percent year-on-year to N947.55 million; fees and commission income rose 56 percent year-on-year to N550.89 million; and net interest margin rose 59 percent to N260.73 million.

Earnings per share rose from 12 kobo per share in Q1 2015 to 19 kobo per share in Q1 2016. Total assets of United Capital as at March 31, 2016 was N187.34 billion, compared with N144.11 billion as of December 31, 2015.

In 2011, United Capital was spun off from the United Bank of Africa (UBA) Group after the Central Bank of Nigeria directed banks to either divest from non-core banking subsidiaries or form holding companies to house such subsidiaries.

United Capital offers four main services, including investment banking, asset management, trusteeship, and securities. In December last year, the company announced that it had organized a syndicated loan of $250 million for Orion Oil, one of Africa’s largest oil trading companies.

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