Shareholders of United Capital Plc will get dividends of 70 kobo per share, totaling N4.2 billion, for the 2020 financial year, the company said at its Annual General Meeting on Tuesday.
According to full-year financial statements presented at the AGM, the Lagos-based investment bank recorded N12.87 billion in total revenue, a 50 percent year-on-year increase from N8.59 billion earned in 2019.
Profit Before Tax was also up 61 percent to N7.95 billion, from N4.95 billion in 2019, in what shows solid growth in the overall profitability of the Group.
Meanwhile, the Group’s Return on Average Equity for the 2020 financial year stood at 35 percent, one of the highest among listed financial services institutions, while earnings per share was 130 kobo.
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Major contributors to the company’s overall performance are its subsidiary businesses – Investment Banking, Asset Management, Securities and Trustees. As well as putting up an impressive financial performance, United Capital Plc recorded landmark achievements during the year.
The company’s corporate ratings improved from BBB+ to A- with a stable short-term and long-term outlook reflective of an investment-grade institution.
Also, United Capital’s flagship digital platform, InvestNow, recorded over N1 billion in processed investors assets with its newly commissioned consumer finance business line disbursing 64,536 instant loans valued at N3.14 billion, leveraging a 100 percent digital model, according to company figures.
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United Capital’s Mutual Fund Assets Under Management exceeded N162 billion at the end of 2020 from N39 billion as of year-end 2019, propelling it to rank among the top 3 largest fund managers in the country. The Company also served as the lead issuing house and trustee on various high-profile public and private securities issuances with a total value exceeding N400 billion in 2020 among others.
Meanwhile, the shareholders also approved the appointment of two new Independent Non-Executive Directors – Mr. Titus Oladipupo Fatokun and Hajiya Sutura Aisha Bello.
