United Capital Q3 Net Profit Up 145.8%, On Sale Of Metropolitan Life | Independent Newspapers Limited
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United Capital Q3 Net Profit Up 145.8%, On Sale Of Metropolitan Life

C-Of-O, Landed Property
Posted: Oct 10, 2016 at 9:52 am   /   by   /   comments (1)

The management of United Capital Plc, on Friday flagged-off the third quarter 2016 earnings seasons, reporting a N1.6 billion or 391 per cent growth in gross earnings income, while net profit was driven by the sale of its 50 per cent stake in Metropolitan Life Insurance Limited, its associated company, for N1.526 billion.
Specifically, gross earnings rose from N4.088 billion in the third quarter of 2015, to N5.689 billion, driven by investment income, which grew to N2.612 billion, from N491.515 million, representing an increase of N1.67 billion or 339.76 per cent within the period.
Net interest margin however fell by 50.33 per cent from N2.167 billion in 2015 to N1.076 billion; while total expenses stood at N1.726 billion from N1.774 billion.
Profit before tax stood at N3.962 billion, as against N2.397 billion, a difference of N1.565 billion or 65.29 per cent; while net profit stood at N4.696 billion, helped by the sale of Metropolitan Life, resulting in a 145.83 per cent net profit growth, just as earnings per share rose by 143.75 per cent to 78 kobo from 32 kobo.

Comments (1)

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