Q3 2024: United Capital’s total assets hit N1.26 trn

The United Capital Group on Thursday reported that its total assets has increased by 36 per cent year-to-date, to stand at N1.26 trillion.

Mr Peter Ashade, the Group Chief Executive Officer, said this in the company’s financial result for the period ended Sept. 30, 2024 filed with the Nigerian Exchange Ltd. (NGX) in Lagos.

Ashade said the group’s shareholders’ funds grew by 27 per cent year-to-date, reaching N115.03 billion for the quarter under review.

He stated that the group recorded 93 per cent year-on-year growth in Profit Before Tax (PBT) to N18.73 billion and 89 per cent year-on-year growth in Profit After Tax (PAT) to N15.98 billion for the period under review.

According to him, the group also posted 61 per cent year-on-year surge in its gross earnings, to N28.17 billion.

The CEO noted that the outstanding performance underscored the group’s commitment to delivering value to investors and shareholders, even amidst a challenging economic climate.

He said:”Our group recorded an outstanding financial performance in third quarter 2024 despite the challenging and uncertain business environment characterised by rising inflationary trends, volatile currency exchange rate, and the fast-changing macroeconomic landscape.

“This success is a testament to the resilience of our business model, strong risk management framework, and effective execution of our well-crafted strategies.”

Ashade appreciated the board, shareholders, customers, and staff of United Capital for their unwavering support and strong dedication to the group’s strategic mission.

He disclosed that key milestones contributed to the group’s overall success in the quarter under review.

These, Ashade said included the historic issuance of Nigeria’s first-ever Domestic FGN US Dollar Bond in September, which raised over 900 million dollars and achieved an outstanding 180 per cent subscription rate.

He added that the group also expanded its service offerings with the launch of its seventh subsidiary, UCEE Microfinance Bank, in August 2024.

Looking ahead, Ashade stated that the group remain committed to sustaining this momentum and delivering superior value to its shareholders.

“Through technology-driven solutions and innovative strategies, we are focused on exceeding expectations and driving exceptional value for our stakeholders.

“Our goal remains to establish ourselves as the leading investment banking and financial services hub in Africa, furthering our mission to democratise wealth creation across the continent,” he said.