United Capital Plc posts 7.57% growth in pre-tax profit in Q3

United Capital Plc reported its 2023 third-quarter results showing pre-tax profits grew by 7.57% year on year, reaching N4.175 billion.

This took nine-month pre-tax profits to N9.718 billion versus N9.124 billion in the same period last year.

Insights: The Company’s pre-tax profits saw a positive YoY growth of 7.57%, primarily due to an increase in its gross earnings. This growth was fueled by higher net investment income and other income, the latter driven by foreign exchange gain

On the flip side, the company experienced a decline in fees and commission income, which can be attributed, in part, to a decrease in advisory fees. Also, there was a significant increase in other operating expenses.