The unaudited financial statement for United Capital Plc’s second quarter, which concluded on June 30, 2023, has been made public.
In comparison to the N9.11 billion recorded during the same period the previous year, the Group reported a gross income of N11.01 billion for the quarter, a 21% increase.
Interest income and trading income both climbed by 24.36% and 137.6%, respectively, over the equivalent quarter last year, which helped to improve revenue.
While there was a rise in staff costs, overall spending rose by 41.38% during the time under consideration.
The corporation hiked pay by 20.34% compared to the same period last year as staff costs rose to N1.31 billion from N1.08 billion last year.
A 69% increase was also seen in other operating costs such as rent, equipment costs, management fees, and other administrative costs.
The rise in costs had an effect on the bottom line profit, which climbed marginally by 5.7% to conclude the quarter at N4.69 billion from N4.43 billion reported in the same period the previous year due to the increase in expenses.
See the Q2 2023 performance summary below:
Gross Income
2023 Q2: N11.01 billion
2022 Q2: N9.11 billion
Change: 20.85%
Investment Income
2023 Q2: N4.96 billion
2022 Q2: N3.99 billion
Change: 24.31%
Total Operating Expenses
2023 Q2: N5.74 billion
2022 Q2: N4.06 billion
Change: 41.38%
Profit before tax
2023 Q2: N5.54 billion
2022 Q2: N5.24 billion
Change: 5.72%
Profit After Tax
2023 Q2: N4.69 billion
2022 Q2: N4.43 billion
Change: 5.87%
