By Dipo Olowookere
The solid risk management strategy deployed by the management of United Capital Plc led by its Managing Director, Mr Peter Ashade, has continued to yield the needed results.
This is because this framework helped the company grow its revenue in the first quarter of 2021 by 63 per cent to N3.1 billion from N1.9 billion.
This impressive growth was also boosted by a strong increase in the fee and commission income (N1.3 billion versus N568.0 million in Q1 2020), investment income (N1.6 billion versus N1.2 billion) and net trading income (N188.0 million versus N79.4 million).
In the period under review, the firm witnessed a rise in its total expenses to N1.2 billion from N742.6 million, with personnel expenses gulping N421.2 million, higher than N324.5 million in the corresponding quarter of last year, while other operating costs rose to N576.3 million from N378.2 million.
Also, the profit before tax jumped by 67 per cent to N2.0 billion from N1.2 billion, while the profit after tax increased by 70 per cent to N1.7 billion from N1.0 billion.
“I am pleased to inform all stakeholders that United Capital Plc has commenced the first quarter of the year from a stable position with remarkable earnings growth and strong performance across key financial parameters even as we continued to navigate the tough terrain which at the moment, points to a recovery in the domestic economy amid other improving global macroeconomic developments,” Mr Ashade said.
Speaking further, he said, “This performance empowers us to adopt a positive outlook on the remaining part of the year 2021 as the operating environment improves supported by fiscal stimulus programmes, easing of restrictions on business operations, reopening of international and domestic travels, resumption of wholesale and retail trading activities as well as the rebound in oil prices.
“We have continued to drive our strategy as we continue to push further our market diversification and cost-optimization initiatives, as well as implement, phased automation of our business processes whilst upholding our commitment to ensuring a significant improvement in our value delivery to all our stakeholders.
“With our well-articulated plans and solid risk management framework, we were able to deliver increased revenue, increased PBT and PAT increase.”
The blockchain brings new financing options to the business market. For example, Bitcoin Cash casino has adapted to only using cryptocurrency. This way, it makes it easier for their customers to deposit and withdraw in a BCH casino. Entrepreneurs have taken note of this and are looking to invest more in crypto than in fiat markets.
Like Our Facebook Page
Latest News on Business Post
- 11 Plc (Mobil Oil) Finally Quits Stock Exchange May 8, 2021
- NGX Index Rises 0.21% as Investors Patronise Value Stocks May 8, 2021
- Fresh Optimism Lifts Oil Market into Positive Territory May 8, 2021
- Moody’s Fears First Bank Financial Health Could be at Risk May 8, 2021
- CSCS Fixes May 18 for 27th AGM in Lagos May 8, 2021
- Super League: UEFA Sanctions Manchester United, Others May 7, 2021
- Union Bank CEO Buys Additional Shares Amidst Acquisition Rumour May 7, 2021
- Ex-Minister Mama Taraba Dies in Egypt May 7, 2021
- Heritage Bank, RTEAN Unveil Insurance Scheme for Travellers May 7, 2021
- NGX Praises Transcorp Hotels Efforts to Boost Investor Confidence May 7, 2021
Economy5 years ago
Kwara Disburses N1.7b For Projects
Technology5 months ago
How To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN
Feature/OPED1 year ago
Davos was Different this year
Economy3 years ago
FAAC: FG, States, LGs Share N655.18b in January
Economy2 months ago
MBA Forex Blames CBN for Inability to Return Investors’ Funds
General2 years ago
Ikeja Electric Explains How to Get Prepaid Metres via MAP
Banking3 years ago
Sort Codes of GTBank Branches in Nigeria
Feature/OPED2 months ago
COVID and the Growth of Technology in Nigeria