United Capital improves revenue by 71%

United Capital has grown gross revenue by 71 per cent year-on-year to N45.90bn in 2023.

According to the firm’s audited financial results for 2023, filed with the Nigerian Exchange Limited on Wednesday, the revenue growth was driven by net trading income, which went up by 63 per cent and other income that soared by 865 per cent year-on-year.

The financial service firm grew profit before tax by 28 per cent to N17.30bn while post-tax went up by 18 per cent to N11.42bn.

Total assets rose by 55 per cent to N931.95bn from N601.92bn in 2022, due to an 80 per cent growth in investment securities.

The firm declared a N10.8bn dividend, as its shareholders’ funds rose by 175 per cent to N90.71bn compared to N32.99bn in the previous year, driven by an increase in fair value reserve during the year.

Commenting on the Group’s performance, the Group Chief Executive Officer, Mr PeterAshade, 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.”