Home Finance United Capital records N14bn profit, total assets hit N602bn in 2022

United Capital records N14bn profit, total assets hit N602bn in 2022

by Business News Report

United Capital Plc, a Pan-African financial services conglomerate, has announced its 13 per cent year-on-year increase in profit before tax to N13.50 billion for the 2022 financial year. A statement by the organisation said the amount was announced by its Board of Directors at the company’s 10th Annual General Meeting (AGM) on Monday in Abuja. The statement said it also recorded 49 per cent year-on-year increase in gross earnings to N26.90 billion, and 33 per cent year-on-year increase in total asset to N601.92 billion. It said the board declared a dividend of N1.50 for every 50k ordinary share held by its shareholders.

According to the statement, shareholders will receive the sum of nine billion naira as total dividend for the year under review. The statement quoted Prof. Chika Mordi, the Chairman of the board, as saying that in spite of the macroeconomic pressures of 2022, the company reported an outstanding financial performance. ”The group’s Return on Average Equity (RoAE) for the 2022 financial year was one of the highest among listed financial services institutions. This signifies solid growth in the overall profitability of the group and its subsidiary businesses. We are confident in our ability to deliver consistent superior returns as we have put in place appropriate strategies to respond to possible scenarios that the year 2023 could throw at us,” Mordi said.

The statement said that subsidiaries of the individually recorded significant milestones during the year. It said the Investment Bank acted as the joint issuing house to Dangote Industries Ltd. one billion dollar bond issuance, the largest bond issuance in the Nigerian debt capital market. The statement also quoted Mr Peter Ashade, the company’s Group Chief Executive Officer, as saying that business sustainability, innovation, digitisation, and increasing global competition would define how the company would operate this year. “We will continue to position the organisation as a globally reputable financial institution with the best team of professionals creating solutions and unique experiences for our clients and delivering superior value to all stakeholders,” Ashade said. 

The company offers investment banking, asset management, trusteeship, securities trading, wealth management, and consumer finance. The group aims to transform the African continent by providing innovative and creative investment banking solutions to governments, companies, and individuals.

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