United Capital Plc has overcome the tough operating environment and the Covid-19 headwinds as profit surged, many thanks to gains from investment income and management fees on mutual funds.
The investment bank continues to implement its business growth and continuity plans premised on risk assessment framework to ensure that its remained focus on providing best-in-class solutions to all client.
Of course, the strategy paid off as net income spiked by 57.14 percent to N7.81 billion as at December 2020 as against N4.91 billion as at December 2019.
Net profit margin increased to 60.91 percent in December 2020 from 57.50 percent the previous year, according to MoneyCentral Calculations.
The growth at the bottom line (profit) was propelled by an uptick in investment income.
Investment income was up 42.41 percent to N8.26 billion in the period under review as against N5.80 billion the previous year while fees and commission income surged by 77.04 percent to N3.47 billion in the period under review from N1.96 billion the previous year.
United Capital’s revenue spiked by 49.82 percent to N12.87 billion in the period under review against N8.59 billion the previous year.