United Capital Posts N2.38bn Profits In H1

 

By Nse Anthony-Uko

(Sundiata Finance) — United Capital Plc, an investment banking group in Africa, has announced N2.378 billion as profit before tax for the first half of the year, ended June 30, 2017. According to the company’s result of the Nigerian Stock Exchange (NSE), on Wednesday, this shows 7.89 per cent decrease over N2.581 billion posted in the previous period, 2016.

The profit after tax also declined by 44.39 per cent to N1.997 billion, from N3.591 billion in posted in the same period in 2016, while the gross earnings for the period rose to N3.876 billion from N3.655 billion in 2016, representing a 6.04 per cent increase from the previous period.

Following the decline in profit, the company’s Earnings Per Share (EPS) dropped by 45 per cent from 60 kobo in 2016 to 33 kobo in the review period. In the period under review, investment income rose 17.14 per cent year-on-year to N2.02 billion; fees and commission income dropped by 14.1 percent to N842.147 million; and net interest declined by 56.72 percent to N300.947 million.

Total expenses went up by 39.53 per cent to N1.5 billion from N1.07 billion, net interest margin for the period stood at N300.947 million from N695.271 million, while loan and advances went up by 12.91 per cent to N54.17 billion from N47.98 billion.

Total assets declined by 7.18 per cent to N149.16 billion from N160.98 billion, while total liabilities also shed by 8.14 per cent from N146.46 billion in 2016 to N134.53 billion. Also, the shareholders’ funds stood at N14.62 billion as against N14.24 billion in 2016.

Recently the chief executive officer of United Capital, Oluwatoyin Sanni, said, “We continue to pursue our clear and consistent strategy, which has delivered a strong performance for shareholders, and we remain positive about our future opportunities within the Nigerian and African market, notwithstanding the challenging macro-economic environment.”

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.

 

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