United Capital Plc reported its 2023 third-quarter results showing pre-tax profits grew by 7.57% year on year, reaching N4.175 billion.
This took nine-month pre-tax profits to N9.718 billion versus N9.124 billion in the same period last year.
Key highlights Q3 2023 vs. Q3 2022
- Gross Earnings: N6.492 billion +19.42% YoY
- Investment income: N3.983 billion +51.95% YoY
- Fees and commission income: N2.072 billion -13.86% YoY
- Net trading income: –N307.36 million -187.84% YoY
- Net operating income: N5.748 billion +6.90% YoY
- Other income: N843.39 million +120.35% YoY
- Net (loss)/gain on financial assets: -N100.09 million -69.10% YoY
- Total expenses: N2.517 billion +49.95% YoY
- Operating profit before income tax: N3.974 billion +5.78% YoY
- Profit for the period: N3.779 billion +15.24% YoY.
- Earnings per share: N2.52 +15.07% YoY
- Investment in securities: N418. 574 billion +8.29%
- Cash and balances with Central Bank: N243.180 billion +62.26%
- Total Assets: N732.498 billion +21.69%
- Managed funds: N450.962 billion +9.01%
Insights: The Company’s pre-tax profits saw a positive YoY growth of 7.57%, primarily due to an increase in its gross earnings. This growth was fueled by higher net investment income and other income, the latter driven by foreign exchange gain
On the flip side, the company experienced a decline in fees and commission income, which can be attributed, in part, to a decrease in advisory fees. Also, there was a significant increase in other operating expenses.
