United Capital Posts NGN3.1 Billion Net Profit In Q3

Capital

United Capital PLC has released its Q3 result showing the company recorded a net profit of NGN3,1 billion.

The result is a positive one when compared with its Q3 2015 result when the company posted a net profit of NGN1,9 billion.

The company did better than its last year’s benchmark is compared to the period under review. Investment income rose by 431% to NGN2,6 billion compared NGN491 million it recorded within the same quarter last year.

Fee and commission income for the quarter rose to NGN1,4 billion versus NGN1,0 billion. United Capital will have to look into getting more revenue from trading income. It only increased to NGN14,5 million from a loss of NGN25,6 million within the same quarter last year.

However, net interest margin fell to NGN1,0 billion compared to NGN2,1 billion recorded last year.

The company reported that its asset increased to NGN191,6 billion compared to NGN144,1 billion reported last year. However, its liabilities are increasing. Total liabilities increased to NGN179,3 billion versus NGN133,6 billion for last year.

The company also disclosed that its net loan from commercial banks increased bank increased from NGN4,3 billion to NGN18,4 billion. This is a percentage increase of. The company noted that  “Loans from commercial bank represent different facilities with floating interest rates indexed to Libor for a period of sixty (60) months with maturity ranging from 1 month to 32 months. The loans are collaterized by negative pledge”.

According to its disclosure, United Capital Plc (previously called UBA Capital Plc) was incorporated in Nigeria, as a Public liability company, on 3rd of August, 2012, to act as the ultimate holding company for the UNITED Capital Group.

The company was listed on the 17th of January, 2013. The Company changed its name to United Capital Plc following the approval of the resolution by shareholders on the 16th December, 2014.

The principal activities of the Group is mainly the provision of investment banking services, portfolio management services, securities trading and trusteeship.

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