United Capital plc, a pan-African investment banking group, announced its unaudited 2018 first quarter financial results, showing gross earnings of N2.2 billion and profit before tax of N1.49 billion.
United Capital gross earnings were an increase of 4 percent from N2.1 billion recorded in Q1 2017, despite the uncertain macroeconomic environment and lower interest rates on treasury assets.
Profit before tax also grew by 7 percent from N1.39 billion in Q1 2017 to N1.49 billion in Q1 2018.
The Group said the sustained growth in revenue and profitability is in correlation with the firm’s strategic and efficient management of investment activities across all businesses, better pricing of earning assets, gains from its equity portfolio as well as effective cost management.
Commenting on the results, the group CEO, Oluwatoyin Sanni, said, “As a company, we understand the importance of starting a new financial year on a positive note. At the beginning of the year, we outlined our business objectives and developed a strategy to achieve those goals from the onset.
“While the market may have sustained challenges beyond our control, we took this as an opportunity to expand our business/product offerings and encouraged innovation in-house to gain market share across our diversified business lines. The sustained growth is a testament to the hard work, dedication and precision United Capital offers its customers across Africa.”
The firm’s total assets hit N140.4 billion, compared to N136.6 billion as at FY 2017, while funds under management reached N74 billion, compared to N70 billion as of FY 2017.
United Capital is an investment banking services group providing bespoke value-added services to its clients, and is well positioned to play a strategic role in helping African governments; individuals; and corporates achieve their strategic objectives through its robust suite of investment banking service offerings.