UCAP – United Capital Plc kicked off the year with a laudable performance, as the firm’s gross earnings grew by 35.02%YoY (to NGN4.21bn). The growth in gross earnings was caused majorly by the increase in net operating income (+14.40% YoY to NGN3.55bn). The expansion in net operating income was driven by the increase in its major revenue sources: fees and commission income, and investment income, which grew by 32.20% YoY and 3.09% YoY respectively. Furthermore, other income surged by 2647.76% YoY due to exchange gains recorded during the period.
AFRIPRUD – AFRIPRUD’s gross revenue increased by 9.95% YoY to NGN907.78mn in Q1:2022, despite the decline in interest income (-1.89% YoY) to NGN459.45mn (from NGN468.29 in Q1:2021). The contraction in interest income is attributable to the low yield environment during the period. The surge in contract revenue from the company’s digital technology business (+209.13% YoY) however salvaged the impact of the decline in interest income and increased the contribution of contract revenue to 49.39% (from 43.28% in Q1:2021).
