June 25, 2024

L-R: Mr. Sunny Iroche, Independent Non-executive Director, United Capital Plc; Mr. Oladipupo Fatokun, Independent Non-executive Director, United Capital Plc; Sir Stephen Nwadiuko, Independent Non-executive Director, United Capital Plc; Mr. Emmanuel Nnorom, Non-executive Director, United Capital Plc; Professor Chika Mordi, Chairman (Non-executive Director), United Capital Plc; Mr. Peter Ashade, Group Chief Executive Officer, United Capital Plc; Mr. Oluleke Ogunlewe, Non-executive Director, United Capital Plc; Mr. Sunny Anene, Deputy Group Chief Executive Officer, United Capital Plc; and Sir Leo Okafor, Company Secretary, United Capital Plc.



United Capital Plc, a leading Pan-African financial services conglomerate recorded a 13% year-on-year growth in its Profit Before Tax (PBT) to N13.50 billion for the 2022 financial year.

Chairman of the Board, Professor Chika Mordi said this at its Annual General Meeting held on Monday, March 27, 2023, at Transcorp Hilton Hotel, Abuja.

The meeting which a dual celebration as the event marked the company’s 10th year as a listed company on the Nigerian Exchange, as well as the declaration of an N9 billion dividend payout to shareholders.

As a precursor to the meeting, United Capital Plc presented its financial statement, recording impressive numbers despite evident market volatility.

The company recorded a 13% year-on-year increase in Profit Before Tax to N13.50 billion, a 49% year-on-year increase in Gross Earnings to N26.90 billion, and a 33% year-on-year increase in Total Assets to N601.92 billion.

The board also resolved to declare a dividend of N1.50 for every 50 kobos ordinary share, much to the satisfaction of shareholders.

Providing context for the financial performance, the Chairman said “Despite the economic pressures of 2022, United Capital Plc reported an outstanding financial performance. The Group’s Return on Average

Equity (RoAE) for the 2022 financial year was one of the highest among listed financial services institutions, signifying solid growth in the overall profitability of the Group and its subsidiary businesses.” Reassuring shareholders, he added,

“We are confident in our ability to deliver consistently superior returns as we have put in place appropriate strategies to respond to possible scenarios that the year 2023 could throw at us.”

In addition to its outstanding financial performance, United Capital Plc’s subsidiaries individually recorded significant milestones during the year. The Investment Bank acted as a Joint Issuing House to Dangote Industries Limited’s (DIL) $1 billion bond issuance, the largest bond issuance in the Nigerian Debt Capital Market by a corporate entity.

Its Asset Management subsidiary won the award for the Fastest Growing Investment Management Company in Nigeria at the 2022 International Finance Awards and remains among the top three fund managers in Nigeria. The Trustees business cemented its industry leadership as the number one Trustee business in Nigeria in terms of Funds under Management (FUM) and its Consumer Finance business disbursed over 130,000 loans totalling N21 billion.

Speaking on the company’s outlook for the 2023 financial year, Mr. Peter Ashade, Group Chief Executive Officer said: “This year marks our 10th year as a publicly quoted company on the Nigerian Exchange and I am delighted to affirm that it has been a decade of excellence and progress for both the organization and its shareholders.

“This year, business sustainability, innovation, digitalization, and increasing global competition for talent are megatrends that will define how we operate given our long-term business objectives and goals. We will continue to position the organization as a globally reputable financial institution with the best team of professionals creating solutions and unique experiences for our clients and delivering superior value to all stakeholders while fostering social development and promoting financial inclusion across the geo-political zones that we operate.”

He further revealed that the company has already put plans in motion to expand its commercial operations. The financial service company recently received a microfinance banking license from the Central Bank of Nigeria (CBN) to foster financial inclusion by offering diverse market segments access to loans, investments, and capital-raising solutions. It has also expanded its footprint globally, securing a strategic partnership with two leading Swiss investment banks.







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