Lagos, Nigeria, 12, July, 2017- United Capital Plc, one of Africa’s leading Investment Banking Group has reported a Gross Earnings N3.87 bn (6% increase) and Profit After Tax of N2 billion (3% decrease year on), for the first half of 2017. Despite the slowdown in economic activities over the last 18 months and inflation averaging 18.2% 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.
United Capital has 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.
As a testament to our commitment to innovate and lead the development of the capital markets, United Capital Asset Management launched the United Capital Wealth for Women Fund and the United Capital Nigerian Eurobond Fund. These unique solutions were a direct response to the changing investment market domestically and internationally. In this same period, the firm’s Investment Banking division also executed a number of successful transactions, including acting as the Joint Issuing House for the FSDH N50 Billion Naira Commercial Paper Series 3 and Series 4 and as well as Financial Adviser to United Bank for Africa Plc’s premier Eurobond of US $500 million issued at 7.75%, which was 240 times over-subscribed.
‘After an impressive 2016, we understood that market expectations would rise considerably but continued to believe that the initiatives being executed across the businesses as well as the existing pipeline of work, would enable us meet those heightened expectations. We remain committed to the pursuit of our a clear and consistent strategy across all businesses and will ensure we continue to deliver long term value to shareholders. Whilst the general economic conditions in the main domestic market continue to be challenging, it has also offered an opportunity for innovation. We thank our clients for their continued trust and confidence in us as their investment banking partner and look forward to a stronger second half of the year,’ stated Oluwatoyin Sanni, Group CEO, United Capital Plc.
United Capital will continue to expand its footprint internationally and across Africa, deploying innovative investment banking solutions to governments, companies and individuals.