United Capital Posts N2.26b Q2 Profit | Independent Newspapers Limited
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United Capital Posts N2.26b Q2 Profit

Posted: Jul 18, 2015 at 2:47 am   /   by   /   comments (0)

By Bamidele Ogunwusi, Lagos


United Capital Plc, one of Nigeria’s leading investment banking and financial services firms in the country has submitted its unaudited half year financial result ended June 30, 2015 to the management of the Nigerian Stock Exchange (NSE).

In the result, the company announced an earnings growth of 22 percent from N2.26 billion in 2014 to N2.75 billion.

Profit before tax grew by 20 per cent from N 1.50 billion to N 1.79 billion, profit after tax also improved by 13 per cent from N 1.2 billion recorded in the corresponding period of 2014 to N1.4 billion.

During the period under review, United Capital Plc successfully closed key capital market transactions that boosted its fees and commission income, which accounted for 30 per cent of gross earnings amounting to N 817 million. In addition to this, investment income also rose by 53 per cent to N 285 million.

Group Chief Executive Officer of UBA Capital, Oluwatoyin Sanni, while reacting to the result said; “Our strong start in first quarter 2015 has propelled the success of our business this year. Despite several challenges in the market, United Capital has managed to exhibit sustained growth for the half year. We believe this upward growth will continue through third and fourth quarter of the year. We look forward to continued delivery of superior service across all of our businesses for the second half of the year”.

Some of the key transactions in first six months of the year that led to the cmpany’s profitable margins include Benue State bond as lead issuing house and underwriter and Fidelity Bank bond as issuing house and underwriter.

Based on these results, it is evident that United Capital is well positioned to further enhance its performance as it transitions to Q3. The continued competitive returns to its shareholders have consistently improved the Company’s performance across all of its strategic business units.