United Capital posts N12.87b gross earnings, N7.95 billion PBT in 2020

The firm’s gross earnings rose to N12.87 billion in 2020 from N8.59 billion achieved in the corresponding period in 2019, representing a growth of 50 per cent while Profit Before Tax (PAT) stood at N7.95 billion in 2020, compared to N4.95 billion recorded in 2019.

Its net operating income also increased from N7.90 billion in 2019 to N12.49 billion.

The Group Chief Executive Officer, Peter Ashade, said: “I am pleased to inform all stakeholders that United Capital delivered impressive returns amid the unprecedented environment worsened by the pandemic during the 2020 financial year with remarkable double-digit growth in revenue, PBT and PAT and solid performance across key business parameters.

“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 economic challenges. 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.

“This is 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 group aims to transform the African continent by providing innovative and creative investment banking solutions to governments, companies and individuals.”