United Capital Profit Surges 65% To N34.83 Billion As Gross Earnings Hit N62.47 Billion

United Capital Plc has reported a 64.5% increase in profit after tax to N34.83 billion for the nine months ended September 30, 2026, compared with N21.17 billion recorded in the corresponding period of 2025.

The investment and financial services group disclosed this in its unaudited financial results released on October 26, 2026, showing significant growth in investment income, fees and trading activities.

Gross earnings increased by 50.4% to N62.47 billion from N41.54 billion a year earlier, while profit before tax rose by 66.2% to N41.58 billion from N25.01 billion.

The company’s stronger earnings were supported by a 94.6% increase in net investment income to N22.03 billion, compared with N11.32 billion in the corresponding period of 2025.

Fee and commission income advanced by 26.6% to N20.95 billion from N16.54 billion, while net trading income increased by 29.4% to N12.60 billion.

United Capital also recorded a 22.2% increase in net gains on financial assets measured at fair value through profit or loss, reaching N6.62 billion.

Consequently, net operating income rose by 47.8% to N55.58 billion from N37.60 billion, reflecting stronger contributions from the group’s core financial services activities.

However, total expenses increased by 27.8% to N23.51 billion, driven partly by higher personnel costs and other operating expenses.

Despite the increase in costs, profitability improved with the company’s profit-before-tax margin rising to 66.57% from 60.22%.

Earnings per share increased to 258 kobo from 157 kobo in the corresponding period of 2025.

United Capital’s balance sheet also strengthened during the nine-month period.

Total assets increased by 3% to N1.81 trillion as of September 30, 2026, compared with N1.76 trillion at the end of December 2025.

Managed funds grew by 4.4% to N1.04 trillion from N993.64 billion, while shareholders’ funds increased by 58.1% to N237.08 billion from N149.99 billion.

The increase in shareholders’ funds was supported by higher retained earnings and an expansion in fair value reserves.

Cash and cash equivalents more than doubled to N618.08 billion from N287.10 billion, while borrowed funds declined to N320.08 billion from N372.30 billion.

Commenting on the performance, Group Chief Executive Officer Peter Ashade said the results demonstrated the company’s ability to sustain earnings growth and strengthen its financial position.

He expressed confidence that United Capital would maintain its growth momentum during the final quarter of 2026 through continued execution of its business strategy.

United Capital operates across investment banking, asset management, securities trading, trusteeship, wealth management and other financial services businesses.

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