According to report, the United Capital has increased revenue by 71 percent yearly to N45.90 billion in previous year.
On Wednesday, the Firm’s audited financial result for 2023, with the Nigerian Exchange Limited, said the revenue growth was driven by net trading income, which increase by 63 percent and other income soared by 865 percent yearly.
The post-tax went up by 18 percent to N11.42 billion, the financial services firm also increase profit tax by 28 percent to N17.30billion.
Due to an 80 percent growth in investment securities, the total assets rose by 55 percent to N931.95bn from N601.92bn in 2022.
The firm revealed a N10.8bn dividend, as its shareholders’ funds went up by 175 percent to N90.71bn compared to N32.99bn in 2023, driven by an increase in fair value reserve during the year.
Commenting on the Group’s performance, the Group Chief Executive Officer, Mr Peter Ashade, said, “I am delighted to inform our stakeholders that the United Capital Group delivered on its promise as Profit before Tax grew by 28 per cent year-on-year despite the challenging macroeconomic and operating environment. This is a reaffirmation of our commitment to driving shareholder value by leveraging our unique capabilities as a strong and well-diversified financial services Group.
“United Capital gross earnings rose by 71 per cent year-on-year to N45.90bn, profit before tax grew by 28 per cent year-on-year to N17.30bn, profit after tax rose by 18 per cent year-on-year to N11.42bn, Shareholders’ funds increased by 175 per cent year-on-year to N90.71bn while total asset grew by 55 per cent year-on-year to N931.95bn.
“As we proceed into the 2024 financial year, we remain focused on our mandate of improving stakeholder value and transforming the lives of our esteemed clients through the disciplined execution of our strategic priorities effectively designed to position United Capital as the most formidable Pan African financial services group.”
