United Capital reports 67% growth in PAT
By Kayode Tokede
United Bank Plc has reported 67 per cent increase in profit after tax, according to its unaudited first quarter (Q1) results for period ended March 30, 2021.
The company on Nigerian Exchange Limited (NGX) on Wednesday report profit of N1.66 billion in Q1 2021, compared to N0.99 billion in Q1 2020 (67per cent growth year-on-year).
The company also reported Profit Before Tax of N1.97 billion in Q1 2021, compared to N1.18 billion in Q1 2020 (68per cent growth year-on-year).
United Bank reported Gross Earnings of N3.12 billion in Q1 2021, 63per cent growth compared to N1.92 billion in Q1 2020.
From the income statement, Net Operating Income: N3.10 billion in Q1 2021, compared to N1.89 billion in Q1 2020, while Operating expenses: N1.15 billion in Q1 2021, compared to N0.74 billion in Q1 2020 (54 per cent growth year-on-year)
The Group CEO, United Capital, Mr. Peter Ashade in a statement said, “I am pleased to inform all stakeholders that United Capital Plc commenced the first quarter of the year from a stable position with remarkable earnings growth and strong performance across key financial parameters even as we continued to navigate the tough terrain which at the moment, points to a recovery in the domestic economy amid other improving global macroeconomic developments.
“With our well-articulated plans and solid risk management framework, we were able to deliver an increased revenue of over 63per cent, increased PBT of 68per cent and PAT increase of 67per cent.
“This performance empowers us to adopt a positive outlook on the remaining part of the year 2021 as the operating environment improves, supported by fiscal stimulus programmes, easing of restrictions on business operations, reopening of international and domestic travels, resumption of wholesale and retail trading activities as well as the rebound in oil prices.
“We have continued to drive our strategy as we push further our market diversification and cost optimization initiatives as well as implement phased automation of our business processes whilst upholding our commitment to ensuring a significant improvement in our value delivery to all our stakeholders.”
Discussing the result further he stressed that, “Going into the remaining quarters, we remain diligently committed to delivering greater value to our stakeholders and providing best-in-class solutions to diverse client segments by constantly reviewing our strategy in the light of global and domestic developments even as we work with regulatory authorities to strengthen the broader financial system as the domestic economy continues on the path to recovery.”
