Home » Led by Nigerian banker Peter Ashade, United Capital earns more than $10 million in profit in H1 2022

Led by Nigerian banker Peter Ashade, United Capital earns more than $10 million in profit in H1 2022

by Mfonobong Nsehe
Peter Ashade

Despite the harsh macroeconomic environment that impacted its financial performance in the first half of the year, United Capital Plc delivered another stellar performance in the first six months of 2022.

United Capital is a fast-growing banking and investment services business managed by renowned investment banker Peter Ashade.

According to data from United Capital’s recently released half-year report, the company made a profit of N4.43 billion ($10.42 million) at the end of the first half of 2022.

Profit for the six-month period ending June 30 rose by more than 41 percent, from N3.14 billion ($7.38 million) in the first half of 2021 to N4.43 billion ($10.42 million) at the end of the first half of 2022.

The company’s earnings increased by double digits due to strong growth across all income and revenue streams, including income from a diverse range of investments, fee and commission income from client-managed funds, and net-trading income from the purchase and sale of financial instruments at fair value.

During the period under review, the group’s gross earnings increased by 33 percent, from N6.85 billion ($15.72 million) to N9.11 billion ($21.41 million), outpacing the 30.5-percent increase in total expenses, which rose from N3.11 billion ($7.31 million) to N4.06 billion ($9.54 million).

As a result of the group’s strong financial performance, managed funds increased from N327.25 billion ($769.1 million) at the start of the year to N393.96 billion ($925.9 million) as of June 30, while total assets rose from N453.6 billion ($1.07 billion) to N531.79 billion ($1.25 billion).

The shareholder’s funds, on the other hand, fell by more than 13 percent from N30.55 billion ($71.8 million) at the start of the year to N26.53 billion ($62.35 million) as a result of the N9-billion ($21.15 million) dividend paid out to its shareholders earlier this year.

United Capital’s strong half-year performance sparked a market-wide demand for the company’s shares, with market participants scrambling to buy shares in the bank on the local exchange.

As a consequence of the purchasing activity, the share price of the Ashade-led group increased by 1.58 percent from N12.6 ($0.0296) at the opening of the local exchange this morning to N12.85 ($0.0302) at the time of writing this report.

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