United Capital Plc, has announced its Unaudited Financial Results for the period ended September 30, 2022, with Profit After Tax of N7.72 billion in 9 Months of 2022, compared to N5.97billion in 9 Months of 2021 representing 29% growth year-on-year.
The result is on the back of an inflationary year, where businesses and their consumers have had to deal with the rising cost of goods and services.
Profit Before Tax was N9.12 billion in 9M 2022, compared to N7.09 billion in 9M 2021, accounting for 29% growth year-on-year.
According to the company’s financial results submitted to the NGX, United Capital’s gross earnings rose by 28% year-on-year to N14.55 billion in September 2022 compared to N11.33 billion in September 2021 majorly driven by growth in Fee and Commission income of 31% year-on-year and Investment Income of 5% year-on-year.
Gross Earnings grew by 28% year-on-year to N14.55 billion, PBT increased by 29% year-on-year to N9.12 billion, PAT rose by 29% year-on-year to N7.72billion and total assets grew by 31% year-to-date to N 595.97billion.
The Group’s total assets rose by 31% year-to-date to N595.97 billion in September 2022 compared to 453.60 billion in FY 2021 largely driven by 326% growth in cash and cash equivalents, maintaining a highly liquid position as year-end approaches.
Total liabilities increased by 31% year-to-date to N566.35 billion in September 2022 compared to N423.05 billion in FY 2021 attributable to 30% year-to-date growth in a managed fund and 282% year-to-date growth in other liabilities during the period under review.
Shareholders’ funds declined by 3% year-to-date to N29.62 billion in September 2022 compared to N30.55 billion in FY 2021 due to N9 billion dividend payout during the period under review.
What the company is saying
- Commenting on the unaudited financial results, the Group Chief Executive Officer, Mr. Peter Ashade, had this to say: “I am pleased to inform our stakeholders that United Capital achieved another outstanding performance in the third quarter of the year.
- This is a fulfillment of our commitment to our stakeholders to keep delivering enhanced returns and driving sustainable growth across all our business lines. In the fourth quarter of the year 2022, we expect global financial conditions to remain tight, presenting growth challenges for emerging economies.
- We remain committed to facilitating capital flows to critical sectors that drive growth and national development in our domestic economy while striving to create and preserve wealth for our clients, investors, and stakeholders amid the tough operating environment.”
Other key financial highlights
Net Operating Income of N13.49 billion in 9M 2022, compared to N11.08billion in 9M 2021 representing 22% growth year-on-year.
Operating expenses of N5.74 billion in 9M 2022, compared to N4.24billion in 9M 2021 accounting for 35% growth year-on-year.
Total Liabilities of N566.35 billion, compared to N423.05 billion as of December 2021 representing 34% year-to-date growth.
