United Capital announces 41% increase in PAT to N4.44bn in half year H1 2022
By Philemon Adedeji
United Capital Plc has declared its unaudited financial results for the half year ended 30th, June, 2022, declaring Profit After Tax (PAT) which increased impressively to N4.44 billion achieved in half year H1 2022 as compared to N3.14 billion achieved in half year H1 2021, reflecting an improvement of 41 per cent growth Year-on-Year.
From the released of Nigerian Exchange Limited (NGX), Profit Before Tax (PBT) reported for the period stood at the sum of N5.24 billion in half year H1 2022, compared to N3.74 billion in half year H1 2021 accounting 40 per cent growth Year-on-Year.
United Capital’s gross earnings rose by 33 per cent Year-on-Year to N9.11billion in half year H1 2022 compared to N6.85 billion achieved in half year H1 2021 largely attributable to growth in Fee and Commission income (24 per cent increase Year-on-Year), Investment Income (9 per cent increase Year-on-Year) and net trading income, a 586 per cent growth Year-on-Year.
During the period under review, the Group cost-to-income ratio declined by 0.85 per cent points to 44.58 per cent from 45.43 per cent in half year H1 2021 largely driven by 33 per cent growth in revenue against a 31 per cent growth in operating expenses which was driven by 31 per cent growth in other operating expenses, 55 per cent growth in personnel expenses and 14 per cent growth in impairment allowance.
Net Operating Income stood at N8.11billion in half year H1 2022, compared to N6.81billion in half year H1 2021, a 19 per cent growth Year-on-Year.
Operating expenses was N4.06 billion in half year H1 2022, compared to N3.11 billion in half year H1 2021 (30 per cent growth Year-on-Year).
The company total liabilities stood at the sum of N505.27 billion, against N423.05 billion as at December 2021 (19 per cent year-to-date growth).
Shareholders Fund was N26.53 billion, a 13 per cent year-to-date decrease compare to December 2021’s value at N30.55 billion.
Total assets grew by 17 per cent year-to-date to N531.79 billion in half year H1 2022 relative to N453.60 billion in financial year FY 2021 majorly driven by 318 per cent growth in cash and cash equivalents.
Speaking on the unaudited financial results, the Group Chief Executive Officer, Mr. Peter Ashade stated, “United Capital is in a stable growth phase amid the challenging operating terrain in 2022. We expect to navigate the undulating business landscape in the remaining half of the year towards increasing value delivery to all stakeholders.”
Looking ahead and commenting on the Group’s performance, Ashade, had this to say, “Going into H2, we see vistas of emerging business opportunities within our operating environment and will be collaborating with diverse business leaders and stakeholders across critical economic sectors to deliver new solutions and grow all our businesses in line with our corporate strategy.
“Our impressive H1-2022 result as witnessed in our earnings growth, among other parameters, reinforces our strong start to the year 2022. This uniquely positions the organisation to increasing deliver shared prosperity to all stakeholders.”
