Nigerian banker Peter Ashade-led United Capital rakes in $4.9-million profit in H1 2024


Key Point


  • United Capital Plc reports a 65% profit increase to N7.74 billion ($4.9 million) in H1 2024, driven by higher gross earnings.
  • Fee and commission income grew 72% year-on-year to N6.31 billion ($3.95 million), boosting United Capital’s H1 2024 results.
  • United Capital declares its first interim dividend of N0.9 ($0.00056) per share, with bonus shares of 2 for 1.

United Capital Plc, a pan-African financial services group led by Nigerian investment banker Peter Ashade, announced a $4.9 million profit for the first half of 2024. This follows a banner year in 2023, where profits surged to $8.75 million.

Key earnings drivers

The company’s financial results for the first six months of 2024 showed a 65 percent increase in profit, from N4.69 billion ($2.97 million) in H1 2023 to N7.74 billion ($4.9 million). This growth was fueled by a 38 percent rise in gross earnings, reaching N15.15 billion ($9.45 million) compared to N11.01 billion ($6.9 million) in the same period last year.

The significant rise in gross earnings was attributed to a 72 percent year-on-year growth in fee and commission income, which rose to N6.31 billion ($3.95 million). Additionally, net trading income surged 183 percent year-on-year to N1.76 billion ($1.1 million), and other income increased by 75 percent year-on-year to N1.98 billion ($1.23 million).

Dividend declaration and future outlook

For the first time in its history, United Capital declared an interim dividend of N0.9 ($0.00056) per share, along with bonus shares of 2 for 1, reaffirming its commitment to delivering superior value to shareholders.

“I am pleased to inform all stakeholders that United Capital Plc closed the first half of the year on a strong note, as evident in our impressive earnings growth and performance across key financial parameters,” said CEO Peter Ashade.

Ashade expressed confidence in sustaining the company’s performance throughout 2024, highlighting a robust financial position with nearly N1.3 trillion in funds under management.

Cash, equivalents surge 240 percent, shareholders’ funds climb 33%

United Capital, under the leadership of Peter Ashade since 2018, continues to provide financial products and services to enterprises, governments, high-net-worth individuals, and institutional and retail investors across Africa.

United Capital’s total assets grew by 27 percent year-to-date, reaching N1.19 trillion ($741 million) in June 2024, compared to N931.95 billion ($580 million) in December 2023. This growth was driven by a 240 percent increase in cash and cash equivalents.

Shareholders’ funds rose by 33 percent year-to-date to N120.34 billion ($75 million) in June 2024, up from N90.71 billion ($56.5 million) in December 2023, driven by a 59 percent growth in the fair value reserve.