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United Capital earnings up 32%

United Capital earnings up 32%

By Peter Egwuatu

Equities
Nigerian Stock Exchange

UNITED Capital Plc has recorded gross earnings of N1.99 billion for the first quarter, Q1, ended March 31, 2020, representing a growth of 32 percent from N1.45 billion recorded in the corresponding period of 2019.

The company’s financial results released to the Nigerian Stock Exchange, NSE show that Profit Before Tax, PBT stood at N1.18 billion in Q1 2020, compared to N0.77 billion in Q1 2019, representing a 53 percent Year on Year, YoY increase.

READ ALSO:Capital importation into Nigeria for Q1 2019 over $8.4m – NBS

The Profit After Tax stood at N0.99 billion in Q1 2020, compared to N0.64 billion in Q1 2019 , indicating a 54 percent YoY increase.
The total revenue increased significantly by 32 percent on the back of the company’s 55 percent increase in fee and commission income and 223 percent increase in net interest margin as well as a 149 percent growth in Net trading income
The cost-to-income ratio improved significantly, recording 39 percent in Q1 2020 compared to the 47 percent recorded in the same period last year.

Commenting on the group’s performance, Mr. Peter Ashade, the Group CEO, said: “Year 2020 has posed a lot of challenges to the Nigerian economy as we saw decline in oil prices. The operating environment was also impacted negatively with the exchange rate becoming more volatile, continued fall in rates in the money market as well as bearish sentiments in the capital market. Our business was not immune to these challenges; however, the Group was able to endure the first quarter of the year thanks to our well-articulated and diligent implementation of our plans set out last year.”

The post United Capital earnings up 32% appeared first on Vanguard News.


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