By Nkiruka Nnorom
United Capital Plc has reported N3.89 billion gross earnings for the half year (H1) ended June 30, representing a six percent increase, compared to N3.66 billion recorded in the corresponding period in 2016.
The company’s profit after tax for the period stood at N2 billion, a three percent decrease over N2.07 billion reported in the same period in 2016. Despite the slowdown in economic activities over the last 18 months and inflation averaging 18.2 percent in the first half of the year, effective cost control measures ensured only a marginal increase in operating expenses for the firm in H1 2017.
The operating expenses for the H1 period rose to N809.25 million as against N518.29 million in H1, 2016.
The company said, in a statement, that it had remained committed to providing finance solutions for domestic and international investors with a keen understanding that “our business model must evolve to complement our clients’ financial objectives.”
“While the challenges in the market may have proved disruptive to various aspects of the economy, it has also opened an avenue for the development of innovative investment banking products/solutions for United Capital,” it added.