United Capital 2020 income rises 50% to N12.8 bln, to pay N0.70 dividend
By Samuel Bankole
United Capital Plc on Monday posted a 50 percent growth in revenue to N12.87 billion at the end of the 2020 financial year compared with N8.59 billion in the previous year.
A statement filed by the investment banking group with the Nigerian Stock Exchange (NSE) attributed the revenue growth to the strong growth in fee and commission income, which rose 77 percent over the previous year’s figure.
The company also said its Investment Income rose 42 percent year-on-year while net trading income was up 453 percent over the previous year’s figure.
It said profit before tax also grew significantly by 61 percent, while profit after tax increased by 57 percent year-on-year.
The company directors have proposed a dividend of N0.70 per share, amounting to a total of N4.2 billion to be paid to shareholders upon approval of members at the AGM.
While commenting on the group’s performance the Group CEO, Mr. Peter Ashade, had this to
“I am pleased to inform all stakeholders that United Capital Plc delivered impressive returns amid the unprecedented environment worsened by the pandemic during 2020 financial year with remarkable double-digit growth in Revenue, PBT and PAT and solid performance across key business parameters,” said Peter Ashade, the company chief executive officer.
“This empowers us to adopt a more positive outlook for the year 2021 as we navigate the tough terrain compounded by a second wave of the COVID-19 pandemic among other severe
“Despite the tough operating environment, all stakeholder groups can be assured of our commitment to providing best-in-class solutions to diverse client segments and delivering superior returns to shareholders even as we work with regulatory authorities to strengthen the broader financial system as the domestic economy continues on the path to recovery in the year 2021,” the CEO said.