United Capital records N11.01bn in gross earnings, net profit up 6%

United Capital reported 21 per cent year-on-year growth in its gross earnings in the first half (H1) of 2023, while the firm’s profit after tax increased by 6 per cent year-on-year.

According to the H1 2023 financial report obtained on Friday, United Capital generated N11.01 billion in gross earnings, surpassing the N9.11 billion recorded in the same period last year.

Profit after tax also rose during the review period, with the net profit hitting N4.69 billion in the first six months of this year, in contrast to the N4.44 billion PAT in H1 2022.

However, the turnover was burdened by soaring expenses, which gulped N5.74 billion between January to June in 2023, the financial statement showed.

READ ALSO:United Capital slammed with N260m lawsuits, hit with regulatory fine

Expenses increased by N1.68 billion or higher by 41.47 per cent compared to the N4.06 billion gulped during the first half of last year.

At the end of the first half in 2023, United Capital’s total assets grew by 34 per cent to N805.77 billion, above the N601.92 billion posted in the corresponding quarter in 2022.

Commenting on United Capital’s performance, the firm’s Group Chief Executive Officer, Peter Ashade, said the earnings were achieved in a challenging operating environment; “Our strong H1-2023 result as witnessed in our earnings growth, among other parameters, reinforces our strong start to the year 2023 amid the very challenging operating environment in the first half of the year.

“Going into the second half of the year 2023, we continue to see emerging opportunities across all our business entities especially as new political dispensations settle in across the country. We are uniquely positioned to work with all agencies of government to implement the economic development objectives in line with the policy direction of the new administration which leans heavily on the capital markets and financial services industry.

“We will navigate the undulating business landscape in the remaining half of the year by harnessing opportunities that economic reforms will present to the financial services sector towards increasing value delivery to all shareholders.”

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now