Connect with us

Business News

Strong Growth in Fee Income Boosts United Capital’s H1 2021 Earnings by 54%

Published

on

By Dipo Olowookere

The strong growth recorded in the fee and commission of United Capital Plc in the first half of 2021 contributed to the 54 per cent increase in gross earnings, analysis of its financial statements for the period has revealed.

The firm, which operates in the financial sector, released its unaudited results to the Nigerian Exchange (NGX) Limited on Thursday.

A look at the results by Business Post showed that the total revenue generated in the first six months of the year rose to N6.9 billion from N4.5 billion in the corresponding period of 2020.

From this, fee and commission income grew by 128 per cent year-on-year to N3.1 billion from N1.4 billion in the same period of 2020, while the investment income improved by 27 per cent year-on-year to N3.7 billion from N2.9 billion, with the net trading income declining by 60 per cent year-on-year to N38.2 million from N96.2 million.

In the results, United Capital said its personnel expenses increased in the half-year to N709.6 million from N671.2 million, while AGM/dividend processing expenses, ./branding, office running costs, professional fees and others caused the other operating expenses to shoot up to N1.4 billion from N921.2 million last year.

However, the company recorded an improvement in its profit before tax by 65 per cent to N3.7 billion from N2.3 billion, while the profit after tax jumped by 64 per cent to N3.1 billion from N1.9 billion, with the annualised Earnings Per Share (EPS) rising by 64 per cent to N1.05 from 64 kobo a year ago.

United Capital reported a 44 per cent year-to-date growth in its total assets to N320.2 billion from N222.8 billion as at FY 2020 as a result of a significant 366 per cent spike in cash and cash equivalents and 9 per cent growth in trade and other receivables.

In the same period, the total liabilities of the firm increased by 50 per cent year-to-date to N296.7 billion from N198.3 billion in FY 2020 due to an 82.92 per cent year-to-date increase in manage funds.

However, the shareholders’ funds declined by 3.57 per cent year-to-date, with retained earnings down 4.90 per cent due to dividend payout during the period under review.

Entertainment8 mins ago

BBNaija 2021: Netizens Troll Female Housemates As They Make Grand Entry Into The Big Brother House

Entertainment32 mins ago

BBNaija 2021: Meet The Female Housemate With 11 Tattoos

World39 mins ago

Democratic Republic of Congo: Muslims murder at least 16 people, including 6 women and 2 children, in road ambush

News40 mins ago

BBNaija Season 6: Meet Arin, the housemate with 24 piercings and an “Ashewo” personality

Lifestyle48 mins ago

Urethra Diseases in Men and Women and How to Identify Them

Entertainment1 hour ago

BBNaija 2021: Ebuka’s Super Dapper Look For Launch Day 2 Tonight (Photos)

World2 hours ago

Nigeria: Muslims block road, kidnap Christian travelers, let the Muslims go on their way

Lifestyle2 hours ago

5 Key Facts About Thermography

Entertainment2 hours ago

Actress Etinosa Idemudia Becomes A New House Owner in Lagos (Photos)

Metro2 hours ago

Lady Gives Bestie the Beating of her Life for Sleeping with her Man

News2 hours ago

Trial of alleged killer Of Akwa Ibom jobseeker, Iniubong Umoren, begins on Monday

Lifestyle3 hours ago

How The Pain Killers Can Be Pain Causers? And How To Get Rid Of Them?

Politics3 hours ago

White Jesus Fix It! Tiffany D. Cross Calls Out “50-Year-Old” Bully And Blackface Connoisseur Megyn Kelly Over Attacks On Naomi Osaka

Entertainment3 hours ago

BBNaija 2021: Obi Cubana Throws His Support Behind Anambra Housemate, Cross

World3 hours ago

Ben & Jerry’s Board chair supports jihad terror against Israel, has defended Hamas and Hizballah

News3 hours ago

There won’t be bickering over choice of my successor –Umahi

Entertainment3 hours ago

Watch BBNaija Season 6 Housemate, Boma On American TV Series, The Blacklist

News3 hours ago

Comedienne/actress, Etinosa, acquires a home in Lagos

News3 hours ago

IPOB: Security alert in Abuja as Nnamdi Kanu faces trial tomorrow

Lifestyle4 hours ago

The Benefits of Mercury Free Dental Fillings

News23 hours ago

Meet BBNaija housemate, Niyi’s beautiful Wife, Bella (Video/Photos)

News19 hours ago

“I’m a moving train, I’ll crush you” – Peruzzi reacts after being called out for walking out on fans (Video)

World5 hours ago

UK: Muslim reportedly stabs Christian speaker Hatun Tash at Speakers’ Corner

News16 hours ago

#BBNaija2021: Checkout impressive interior of the Big Brother house for this year’s edition (Photos)

Entertainment21 hours ago

BBNaija Season 6: Photos Of “Happily Married” Niyi, With His Wife And Son

Entertainment23 hours ago

BBNaija Season 6: Who Is Niyi? All The Facts About BBNaija 2021 Housemate Niyi

News7 hours ago

“So many fine boys in Nigeria but Big Brother decided to select the M*nkeys” – Bleached Nigerian Male-Barbie, Bobrisky writes.

News20 hours ago

BBNaija former housemate, Dorathy, reacts after seeing the “washing machine” in Biggies house this season

Entertainment24 hours ago

BBNaija Season 6: All You Need To Know About BBNaija 2021 Housemate JayPaul

Entertainment20 hours ago

BBNaija 2021: Who Is Sammie? All The Facts You Need To Know About BBNaija 2021 Housemate Sammie

News11 hours ago

BREAKING: Abducted students of Kaduna Baptist school regain freedom

News14 hours ago

Oyedepo reportedly pays graduate pastors N38,000 monthly

News15 hours ago

I was in debt before COVID-19 pandemic – Ubi Franklin

News4 hours ago

Family announces burial details of murdered Super TV CEO

News11 hours ago

#BBNaija 2021: Jaypaul reveals he was turned back day of 2020 premiere

Lifestyle22 hours ago

Five Important Things To Know Before Going For A Hair Transplant

News11 hours ago

BREAKING: Abducted students of Kaduna Baptist school regains freedom

News13 hours ago

Delta housewife allegedly stabs husband to death

News16 hours ago

Uzodinma to Imolites: Expose me if I ever steal public funds

News14 hours ago

Olamide reveals why he features artistes who have no platform

Trending