Investment firm, United Capital, grew its profit in the third quarter by 9.76 per cent to N8.47bn from N7.72bn in the same period in 2022.

This was revealed in the Unaudited Consolidated and Separate Financial Statements for the Period Ended 30 September 2023 filed with the Nigerian Exchange Limited on Tuesday.

Within the period under review, the firm recorded a 20.34 per cent increase in its total revenue to N17.50bn from N14.54bn in 2022. While Investment income rose to N8.94bn from N6.61bn, Fee and Commission income dropped to N5.74bn (2022: N6.26bn) and Net trading income depreciated to N315m from N611m in 2022.

The total expenses also increased during the period. It increased by 43.96 per cent to N8.26bn from N5.73bn in 2022.

A breakdown of the performance of the different segments of the market revealed that the Asset management subsidiary of the group recorded the highest revenue in the period under review at N6.33bn followed by Trustees subsidiary which earned N3.52bn, investment banking cornered N2.75bn and Securities Trading reported N2.46bn in earnings.

et Management subsidiary led in terms of profits as it recorded N3.48bn, followed by Securities Trading at N1.40bn, Investment banking recorded N1.03bn and the investment wealth management arm recorded N956m in profit after tax.

The Total comprehnsive income for the period ended September rose by 361 per cent to N37.22bn from N8.07bn as of 2022. This surge was on the back of gain on investments in equity instruments measured at Fair Value Through the statement of Other Comprehensive Income (net of tax) which stood at N27.58bn from N81.56m in the corresponding period in 2022.

The Group incurred fines of N12.18m during the period under review (2022: N1.45m). The fine during the period under review was a result of reporting and presentation error in filing of Trustees investment portfolio returns to the Securities and Exchange Commission.