United Capital Plc, on Wednesday, announced its unaudited financial statements for the period ended March 31, 2022, showing a sustained growth performance as gross earnings was up 35% year-on-year to N4.21bn, profit before tax grew by 36% year-on-year to N2.69 billion, and profit after tax rose by 39% year-on-year to N2.31 billion.

Speaking on the unaudited financial results, Professor Chika Mordi, the Board Chairman stated: “United Capital is on a remarkable growth path as reflected in our strong financial results in Q1- 2022. We remain uniquely positioned to increasing value delivery to all our stakeholders”.

Commenting on the Group’s performance, the Group Chief Executive Officer, Mr. Peter Ashade, had this to say: “As a financial market player, capital market operator, investment manager, and consumer lender, we play a unique role in expanding service offerings in the financial services ecosystem while creating and distributing wealth amongst diverse stakeholders. United Capital is on a sustainable growth trajectory driven by increasing patronage and expanded activities across all our businesses, and market segments that we serve. We kicked-off the year 2022 on a sure footing and we are poised to deliver new services and expand into new markets to grow our businesses in line with our three-year growth strategy.”

A breakdown of the unaudited financial statement shows that gross earnings grew by 35% year on year driven by growth in fee and commission income which was 32% and investment income that was 3%.

The company cost to income ratio rose by 2.33% largely attributed to 60% increase in other operating expenses, 30% increase in personal expenses and 31% increase in impairment allowance during the period under review.

During the period under review, the company profitability margin improved slightly gaining 0.52% to 63.81% for first quarter of 2022 relative to 63.29% for first quarter of 2021 as profit before tax increased by 36% year on year.  Profit after tax margin also improved, gaining 1.64% to 54.81% in first quarter of 2022 compared to 53.17% in first quarter of 2021 as profit after tax increased by 39% year on year during the period.

United Capital’s total assets appreciated by 2.28% year-to-date largely driven by 111% growth in cash and cash equivalents during the period under review. The company’s total liabilities grew by 4% year-to-date majorly driven by 69% year-to-date increase in other liabilities during the period under review. Shareholders’ funds declined by 22% year-to-date with retained earnings down by 23% YTD due to the impact of N 9billion dividend payout during the period under review.

United Capital Plc is a leading Pan-African financial and investment services group, with a mission to provide bespoke and innovative value-added services to its client. The group aims to transform the African continent by providing innovative and creative investment banking solutions to governments, companies, and individuals.

The company which was listed on the Nigerian Stock Exchange on the 17th of January 2013 is setting the pace to becoming the financial and investment role model across Africa, by deploying innovation, technology, and specialist skills to exceed client expectations, while creating more value for all stakeholders.

As a pacesetter, United Capital is the first Investment Bank to be listed on the Nigerian Stock Exchange. It maintains a holding company structure with subsidiaries in the Consumer Lending, Trusteeship, Securities Trading and Asset Management business.