United capital profit fell by 45% in second quarter

Universal Insurance

United capital plc, one of Nigeria’s investment banking major said it recorded NGN3.8 billion as its gross earnings for the second quarter 2017 compared to NGN3.6 billion recorded same period 2016

The fund manager’s investment income for the period was NGN2.0 billion against NGN1.7 billion reported in the previous year.

The insurance company’s investment income fell to NGN3.2 billion from NGN3.4 billion recorded in the financial year 2017, Meanwhile, its total revenue for the period jumped to NGN3.8 billion from NGN3.6 billion recorded in the year before.

Profit before tax was NGN2.3 billion within the period in review against NGN2.5 billion recorded in the year before.

Net profit for the period dropped by 45% to NGN1.9 billion against NGN3.5 billion posted in fiscal year 2016.

Total asset for the group was NGN149.1 billion worth of assets in second quarter of 2017 compared to NGN160.6 billion recorded same period 2016 while its total liabilities reduced to NGN134.5 billion against NGN146.4 billion recorded in the year before.