United Capital navigates volatile half-year, pre-tax profit up 65%

United Capital plc, Nigeria’s leading investment bank and a foremost pan-African financial and investment services group, has announced its unaudited financial statements for the half-year (H1) ended June 30, 2021.

The investment bank’s financial statement shows revenue of N6.85 billion as against N4.44 billion in H1’2020, indicating 54.3 percent growth.

Also, the group recorded Profit Before Tax (PBT) of N3.74 billion in H1’21, up by 65 percent as against N2.26 billion in the same period last year, while delivering an Earnings Per Share of 105 kobo.

Profit After Tax stood higher at N3.14 billion in H1’21, up by 64.4 percent compared with N1.91 billion it recorded in H1’20.

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United Capital remains a leader in the financial and investment services space, with a mission to provide bespoke and innovative value-added services to its clients.

The Group aims to transform the African continent by providing innovative and creative investment banking solutions to governments, companies, and individuals.

The Group is listed on the Nigerian Exchange Limited (NGX) and is at the forefront of becoming the financial and investment role model across Africa by leveraging innovation, technology, and specialist skills to exceed client expectations while creating more value for all stakeholders.

While commenting on the group’s performance, the Group CEO, Peter Ashade, said: “I am excited to inform our stakeholders that United Capital Plc recorded a very impressive half-year 2021 result following a record year performance in 2020. We ended the first half of the year on a very high note as reflected in our earnings growth and strong financial performance.”

He further said: “United Capital Plc is in a growth phase, and I must say that our strong financial performance is a testament of our unwavering commitment to increasing value creation for all our clients amid the harsh socio-economic environment and lingering effects of the devastating pandemic.

“In the remaining half of the year, we will be focused on our transformation agenda by deepening our value propositions to different market segments especially mass affluent and the underserved mass market clients, while driving phased automation of our business processes.

“Our bespoke affluent segment propositions including private trusts, and wealth management solutions are curated to increase, preserve, and transfer wealth for our fast-growing affluent customer base.

“Furthermore, our best-in-class digital platforms remain central to our purpose of transforming lives and promoting financial inclusion across Africa by providing easy access to collective investment schemes and micro loans while promoting socio-economic development.

“Our stakeholders can be assured of our commitment to delivering superior returns. More importantly, we will continue to work with our regulators and other capital market operators on structural reforms to deepen the capital market as the domestic economy continues the path to recovery.”