United Capital Plc has announced its Unaudited Financial Results for the half year ended June 30, 2022, with a profit after tax of N4.44 billion compared to N3.14 billion in HY 2021 representing 41% growth year-on-year.
Profit Before Tax stood at N5.24 billion in HY 2022, compared to N3.74 billion in HY 2021 accounting for 40% growth year-on-year.
United Capital’s gross earnings rose 33% year-on-year to N9.11billion in HY 2022 compared to N6.85 billion in HY 2021 largely attributable to growth in Fee and Commission income (+24% year-on-year), Investment Income (+9% year-on-year) and net trading income (586% year-on-year).
During the period under review, the Group cost-to-income ratio declined by 0.85 percentage points to 44.58% from 45.43% in HY 2021 largely driven by 33% growth in revenue against a 31% growth in operating expenses which was driven by 31% growth in other operating expenses, 55% growth in personnel expenses and 14% growth in impairment allowance.
Total assets grew by 17% year-to-date to 531.79billion in HY 2022 compared to 453.60billion in FY 2021 majorly driven by 318% growth in cash and cash equivalents.
What the company is saying
Speaking on the unaudited financial results, The Group Chief Executive Officer, Mr. Peter Ashade stated: “United Capital is in a stable growth phase amid the challenging operating terrain in 2022. We expect to navigate the undulating business landscape in the remaining half of the year towards increasing value delivery to all stakeholders.”
Looking ahead and commenting on the Group’s performance, Ashade, had this to say; “Going into H2, we see vistas of emerging business opportunities within our operating environment and will be collaborating with diverse business leaders and stakeholders across critical economic sectors to deliver new solutions and grow all our businesses in line with our corporate strategy.
“Our impressive H1-2022 result as witnessed in our earnings growth, among other parameters, reinforces our strong start to the year 2022. This uniquely positions the organization to increasing deliver shared prosperity to all stakeholders”
Other key financial highlights
- Net Operating Income stood at N8.11billion in HY 2022, compared to N6.81billion in HY 2021 (19% growth year-on-year)
- Operating expenses was N4.06billion in HY 2022, compared to N3.11billion in HY 2021 (30% growth year-on-year)
- Total Liabilities stood N505.27billion, compared to N423.05billion as at December 2021 (19% year-to-date growth)
- Shareholders Fund was N26.53billion, an 13% year-to-date decrease relative to December 2021’s value at N30.55billion.
Excellent performance, even in these difficult times and environment. Congratulations, all, Board and management.