United Capital Plc, in its unaudited financial results for the third quarter of 2024, posted 89 percent increase in its profit after tax (PAT) at N15.98 billion from the N8.47 billion recorded in the same period of 2023.
According to the financial statements submitted to the Nigerian Exchange Limited (NGX), the company’s profit before tax (PBT) was N18.73 billion in the period ended September 30, 2024, as against N9.72 billion reported in the corresponding period of last year, representing a 93 percent year-on-year growth.
The firm recorded the double-digit increase in its bottom line amid a 61 percent rise in gross earnings to N28.17 billion from the N17.51 billion posted in Q3 of 2023.
The higher revenue was largely driven by 83 percent growth in fee and commission income, 154 percent rise in net trading income and 564 percent expansion in other income.
Commenting on the financial statement for the period under reveiw, the Chief Executive of United Capital, Mr Peter Ashade, said: “United Capital group recorded an impressive performance in Q3 2024 despite the challenging and uncertain business environment characterised by rising inflationary trend, volatile currency exchange rate amid the fast-changing macroeconomic landscape.
“Our performance is a testament to the resilience of our business model, strong risk management culture and effective execution of our well-crafted strategies.
“The group delivered gross earnings of N28.17 billion with 61 percent year-on-year growth, profit before tax of N18.73 billion on the back of a strong year-on-year growth of 93 percent, shareholders’ value improved by 27 percent from N90.71 billion to N115.03 billion.
“In September, we successfully led the historic issuance of Nigeria’s first-ever Domestic FGN US Dollar Bond, raising over $900 million and achieving an outstanding 180 percent subscription rate.
“Through our focused business development initiative, we launched UCee Microfinance Bank making the business our seventh subsidiary.”
Looking ahead, Ashade said: “As we proceed into the last quarter of the year, we are determined to sustain this performance with focus on delivering superior value to our shareholders.
“We remain committed to our vision of being the leading investment and finance hub across Africa, deploying innovation and technology to exceed client expectations.
“Finally, I would like to sincerely appreciate our Board, shareholders, customers and staff for their unwavering support and strong dedication.”
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