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United Capital Plc, a Lagos-based financial and investment services firm led by Nigerian investment banker Peter Ashade, made a profit of N7.72 billion ($17.7 million) in the first nine months of its 2022 fiscal year, despite the challenging macroeconomic environment that has severely diminished businesses’ sales and profitability.
United Capital is a fast-growing banking and investment services firm that provides financial products and services to enterprises, governments, high-net-worth individuals, and institutional and retail investors across Africa, under the leadership of Ashade, a prominent banker who has been at the helm of the firm since 2018.
Its profits during the period under review were N7.72 billion ($17.7 million), up 29 percent year-on-year from N5.97 billion ($13.7 million) during the comparable period of 2021, according to figures in its recently published financial statement for the first nine months of 2022.
The 28-percent increase in the group’s gross earnings from N11.33 billion ($26 million) to N14.55 billion ($33.4 million), contributed to the double-digit growth in its profits. This impressive outcome was primarily fueled by a 31-percent gain in fee and commission income along with a five-percent increase in investment income throughout the time period.
The group’s total assets increased by 31 percent to N595.97 billion ($1.37 billion) in September 2022 from N453.6 billion ($1.04 billion) in 2021 as a result of the strong financial performance. This was primarily caused by a 326-percent increase in cash and cash equivalents, which helped the group maintain a highly liquid position as the year’s end draws near.
According to Ashade, CEO of United Capital, the company’s remarkable success is a fulfillment of its commitment to its stakeholders to continue delivering increased returns and fostering sustainable growth across all business lines.
He continued by stating that despite the challenging operating climate, the company will continue to be dedicated to facilitating capital flows to vital industries that spur economic growth and national development in the fourth quarter of 2022.
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