2021 Q1: United Capital reports 67% growth in profit after tax

United Capital MDCEO Peter Ashade

United Capital Plc has announced its unaudited financial statements for the period ended March 31, 2021, showing revenue of N3.12 billion, and profit before tax of N1.97 billion with earnings per share of 111 kobo.      

Commenting on the group’s performance, the Group CEO Peter Ashade said: “I am pleased to inform all stakeholders that United Capital Plc has 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 management framework, we were able to deliver an increased revenue of over 63%, increased PBT (profit before tax) of 68% and PAT (profit after tax) increase of 67%.

“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 continue to push further our market diversification and cost-optimisation 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.”

Mr Ashade added that going into the remaining quarters, the bank remains “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.”