United Capital Group has announced its financial results for the third quarter of 2024, revealing a remarkable 93% year-on-year growth in Profit Before Tax (PBT) to N18.73 billion and an 89% year-on-year growth in Profit After Tax (PAT) to N15.98 billion.
The Pan-African investment management and financial services group also recorded a Gross earnings growth of 61% year-on-year, amounting to N28.17 billion.
Total assets increased by 36% year-to-date, now standing at N1.26 trillion, while Shareholders’ Funds grew by 27% year-to-date, reaching N115.03 billion.
Group Chief Executive Officer, Peter Ashade, attributed the success to the resilience of United Capital’s business model, strong risk management framework, and effective execution of its strategies.
“This outstanding performance underscores our commitment to delivering value to investors and shareholders, even amidst a challenging economic climate,” Ashade said.
Key milestones contributing to the Group’s success include the historic issuance of Nigeria’s first-ever Domestic FGN US Dollar Bond in September, which raised over $900 million and achieved an outstanding 180% subscription rate.
Additionally, the Group expanded its service offerings with the launch of its seventh subsidiary, UCEE Microfinance Bank, in August 2024.
Ashade expressed optimism about the Group’s future prospects, stating, “As we enter the last quarter of the year, we remain committed to sustaining this momentum and delivering superior value to our shareholders.
Through technology-driven solutions and innovative strategies, we are focused on exceeding expectations and driving exceptional value for our stakeholders.”
United Capital’s Q3 results reinforce its position as a market leader, showcasing consistent growth across key financial metrics.
The Group has demonstrated consistency in its commitment to delivering value to stakeholders, exemplified in the disbursement of its first-ever interim dividend of N0.90k to shareholders earlier this year.
The impressive financial performance is a testament to United Capital’s strategic mission to democratize wealth creation across Africa.
With its sights set on establishing itself as the leading investment banking and financial services hub in Africa, United Capital Group is poised for continued growth and success.
Financial Highlights:
United Capital Group’s Q3 2024 financial results show:
– 93% year-on-year growth in Profit Before Tax (PBT) to N18.73 billion
– 89% year-on-year growth in Profit After Tax (PAT) to N15.98 billion
– 61% year-on-year growth in Gross earnings to N28.17 billion
– 36% year-to-date increase in Total assets to N1.26 trillion
– 27% year-to-date growth in Shareholders’ Funds to N115.03 billion
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