• Tue. Nov 29th, 2022

United Capital increases fee and commission income in 9 months

ByChad J. Johnson

Oct 14, 2022

United Capital Plc, announced its unaudited financial results for the period ended September 30, 2022, with after-tax profit of 7.72 billion naira for the 9 months of 2022, compared to 5.97 billion naira for the 9 months 2021, which represents growth of 29% year-on-year.

The result is on the back of an inflationary year, where businesses and their consumers have had to deal with the rising cost of goods and services.

Profit before tax was 9.12 billion naira in the 9 months of 2022, compared to 7.09 billion naira in the 9 months of 2021, representing a growth of 29% year-on-year.

According to the company’s financial results submitted to the NGX, United Capital’s gross revenue increased 28% year-on-year to N14.55 billion in September 2022 from N11.33 billion in September 2021, mainly due to due to the growth in income from fees and commissions. 31% year-on-year and investment income of 5% year-on-year.

Gross profit increased 28% YoY to N14.55 billion, PBT increased 29% YoY to N9.12 billion, PAT increased 29% YoY to reached N7.72 billion and total assets increased by 31% year-to-date to N595.97 billion.

The group’s total assets grew by 31% year-to-date to reach N595.97 billion in September 2022, from N453.60 billion in fiscal 2021, largely due to growth 326% of cash and cash equivalents, maintaining a very liquid position as the year-end approaches. .
Total liabilities increased by 31% year-to-date to N566.35 billion in September 2022 from N423.05 billion in FY2021, attributable to 30% growth year-to-date growth in a managed fund and 282% year-to-date growth in other debt over the reporting period.

Equity decreased by 3% year-to-date to N29.62 billion in September 2022 from N30.55 billion in FY2021 due to dividend payout of N9 billion during the period considered.

What the company says

The news continues after this announcement


  • Commenting on the unaudited financial results, Group Chief Executive Mr. Peter Ashade said: “I am pleased to inform our stakeholders that United Capital delivered another outstanding performance in the third quarter of the year.
  • It is the realization of our commitment to our stakeholders to continue to deliver improved returns and drive sustainable growth across all of our businesses. In the fourth quarter of 2022, we expect global financial conditions to remain tight, presenting growth challenges for emerging economies.
  • We remain committed to facilitating the flow of capital to critical sectors that drive the growth and national development of our national economy while striving to create and preserve wealth for our customers, investors and stakeholders in a challenging operating environment.

Other Key Financial Highlights

Net operating income of N13.49 billion in 9M 2022, compared to 11.08 billion naira in 9M 2021, representing a growth of 22% year-on-year.

Operating expenses of 5.74 billion naira in 9M 2022, compared to 4.24 billion naira in 9M 2021, representing a growth of 35% year-on-year.

Total liabilities of 566.35 billion naira, compared to 423.05 billion naira in December 2021, which represents a growth of 34% since the beginning of the year.