United Capital Plc, a pan-African financial services corporation, reported strong financial success in the first nine months of 2024, earning $9.76 million amid a challenging socioeconomic climate.
The business, run by Nigerian investment banker Peter Ashade, increased its profit after tax by 88.72%, from N8.47 billion ($5.18 million) in the same period last year to N15.99 billion ($9.76 million) in 2024. Gross earnings increased by 60.87 percent, to N28.17 billion ($17.21 million) from N17.51 billion ($10.70 million) in the same period of 2023.
United Capital credited its profit gain to excellent gross earnings, which were bolstered by higher fee and commission income, improved investment income, and a large increase in net trading income. Total revenue also increased by 60.87 percent, reflecting the group’s gross earnings achievement.
“Our performance is a testament to the resilience of our business model, strong risk management culture, and effective execution of our strategies,” Ashade told the audience. He stated that earnings before tax reached N18.73 billion ($11.41 million), representing a 92.71 percent rise year on year.
Ashade underscored the company’s commitment to maintaining its growth trajectory, saying, “We remain committed to being the leading investment and finance hub across Africa, deploying innovation and technology to exceed client expectations.”
The Lagos-based company recorded a 35.66% growth in total assets, from N931.95 billion ($569.49 million) in December 2023 to N1.26 trillion ($772.57 million) as of September 30, 2024. Shareholder funds also increased by 26.81 percent, reaching N115.03 billion ($70.27 million).
In 2024, the company achieved notable milestones, including the issuing of Nigeria’s first Domestic FGN US Dollar Bond, which raised more than $900 million. It also established UCee Microfinance Bank, its eighth subsidiary, as part of a continuous commercial development strategy.
Under Ashade’s leadership since 2018, United Capital has continued to provide investment products and financial services to corporations, governments, retail and institutional clients across Africa, establishing itself as a prominent player in the region’s financial sector.
