United Capital reports 176% growth in 2016 profit

United Capital reports 176% growth in 2016 profit

In its tradition as the first to break result, United Capital PLC has disclosed that its net profit for the full year 2016 was NGN6,9 billion.

United Capital is engaged in investment banking, issuing house, corporate and investment advisory services.

This is a stellar performance when compared to its result for 2015. The company posted a total of NGN2.5 billion for the previous year.

The company’s result was boosted by its interest income and other income. For the year 2016, net interest income rose to NGN4 billion compared to NGN3 billion in 2015. Also other income rose to NGN1 billion from NGN657 million in the previous year.

Total asset for the period rose to NGN160 billion compared to NGN144 billion posted in the year before. However, its total liabilities also rose to NGN146 billion from NGN133 billion reported in 2015

The result shows that its net profit rose by 176% year on year. As a result of the strong earnings, the board of directors of United Capital have approved NGN3 billion cash dividend to be paid to it shareholders at NGN0.50 kobo per share.

Dividend will be paid to shareholders on the 2nd of March 2017.

The United Capital is the only investment bank in Nigeria that has posted continuous profit for several calendar year. The company is majorly owned by West Coast Equity Ltd with 11.1395% of the total shareholding and West Coat Equity Limited with 10.6185% of the total shareholding.