United Capital Plc records 25.90% increase in 2020 Q3 gross earnings

United Capital Plc (Group) reported revenues of N2.62 billion in 2020 Q3, compared to N2.08 billion in the corresponding period of 2019.  

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Key highlights for 2020 Q3  

• Gross earnings increased to N2.62 billion, +25.90% YoY.  
• Investment income increased to N1.75 billion, +111.59% YoY. 
• Fees and commission income increased to N880.89 million, +42.64% YoY.  
• Net trading income increased to N29.11 million, +11.99% YoY. 
• Other income decreased to N44.41 million, -109.59% YoY. 
• Net operating income increased to N2.66 billion, +80.86 YoY.  
• Total expenses decreased to N766.70 million, -4.22% YoY. 
• Pre-tax profits increased to N1.86 billion, +44.69% YoY.  
• Earnings Per Share increased to 26 kobo, +44.44% YoY. 

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Bottom Line

United Capital Plc recorded a boost from an increase in its three revenue-generating units. Companies have generally recorded decreased revenues in the last three quarters mostly due to COVID-19; however, United Capital Plc was able to increase its total revenues.

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Pre-tax profits also increased, thanks to increased income and reduced total expenses.