United Capital reports N1.42bn profit

United Capital reports N1.42bn profit

United Capital reports N1.42bn profit

Investment banking and financial services group, United Capital Plc., has announced its 2016 Q1 profit before tax of N1.42bn, up from N0.89bn in Q1 2015. This represents a 59 per cent increase.

Its gross earnings stood at N1.85bn, up from N1.30bn in Q1 2015, representing a 42 per cent increase from the previous year.

The firm's profit after tax also grew by 61 per cent in Q1 2016, closing at N1.13bn, up from N0.71bn in 2015.

The company also held its Annual General Meeting in Lagos and declared a 35 kobo dividend to shareholders.

The group said despite the extended economic challenges in the market in 2015, it exhibited sustained growth throughout last year (reported 2015 full year earnings of N6.15bn, up from N4.68bn in 2014) and in to 2016.

Commenting on the results, the group's Chief Executive Officer, Oluwatoyin Sanni, said, "We entered the new year with a full understanding of what was ahead of us. Therefore, we prepared for and anticipated the roadblocks and adjusted accordingly.

"We adopted a group-wide operational approach of 'effectiveness and efficiency' in delivering superior services to our clients in order to achieve our goals. We believe this will help us maintain sustained growth through the remaining quarters of the year."

The company said its Q1 performance confirmed that it remained well positioned to play a strategic role in helping its clients achieve their financial and investment goals.

The performance in a period characterised by adverse macro-economic factors, it noted, was driven by the group's growing market share, efficient execution of key mandates and effective cost management driven by improvements in operations and Information Technology capabilities, thereby optimising value, while retaining a significant proportion of earnings.

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