Nigeria’s United Capital posts $25.8 million 9M profit, assets reach $1.3 billion

United Capital Plc, the Lagos-based financial services and investment banking group led by Group Chief Executive Officer Peter Ashade, posted a 65-percent surge in profit after tax for the nine-month (9M) period ended Sept. 30, 2026, driven by broad-based growth across investment income, trading revenue, and advisory fees. The performance prompted the board to approve an interim dividend of N0.30 ($0.00022) per share, reinforcing strong operational momentum.

Profit jumps on surging investment income, fee growth

The pan-African investment banking and asset management group, headquartered in Lagos, reported a net profit of N34.83 billion ($25.8 million) for the nine months ended Sept. 30, 2026, compared with N21.17 billion ($15.67 million) recorded in the corresponding period of 2025, according to its latest unaudited financial statements. Pre-tax profit jumped 66 percent to N41.58 billion ($30.77 million) from N25.01 billion ($18.51 million) a year earlier.

The group’s gross earnings expanded 50 percent to N62.47 billion ($46.22 million) in the nine-month period, up from N41.54 billion ($30.74 million) in 9M 2025. Growth was buoyed by net investment income, which soared 95 percent to N22.03 billion ($16.30 million) from N11.32 billion ($8.37 million). Net operating income climbed 48 percent to N55.58 billion ($41.13 million) from N37.60 billion ($27.82 million), helping absorb a 28-percent increase in total expenses to N23.51 billion ($17.40 million) from N18.40 billion ($13.61 million).

Fee revenue climbs; investment banking and wealth management lead

Fee and commission income remained a substantial contributor to top-line performance, increasing 27 percent to N20.95 billion ($15.50 million) from N16.54 billion ($12.24 million) in the previous period. Net trading income climbed 29 percent to N12.60 billion ($9.33 million) from N9.74 billion ($7.21 million), while net gains on financial assets at fair value through profit or loss advanced to N6.62 billion ($4.90 million) from N5.42 billion ($4.01 million).

Across operating business segments, Investment Banking delivered the largest share of operating profit before tax, rising to N16.69 billion ($12.35 million) from N8.17 billion ($6.05 million) a year earlier, on gross earnings of N23.43 billion ($17.34 million). Trusteeship operations generated an operating pre-tax profit of N6.61 billion ($4.89 million), up from N3.51 billion ($2.6 million), while Wealth Management delivered N3.38 billion ($2.5 million) and Asset Management contributed N4.45 billion ($3.29 million). UCEE Microfinance Bank recorded an operating profit before tax of N712.36 million, turning positive from prior comparable runs.

Capital base expands as assets touch $1.34 billion

United Capital Plc operates as a t Pan-African financial and investment services group, providing investment banking, asset management, wealth management, trusteeship, securities trading, and consumer financing across Nigeria and the broader region. Listed on the Nigerian Exchange, it continues to deepen its presence through key institutional and retail platforms.

Reflecting the solid period results, total assets rose 3 percent to N1.81 trillion ($1.34 billion) as of Sept. 30, 2026, compared with N1.76 trillion ($1.3 billion) at the end of December 2025, driven by a 115-percent expansion in cash and cash equivalents to N618.08 billion ($457.34 million). Managed funds increased 4 percent to N1.04 trillion ($767.92 million) from N993.64 billion ($735.22 million). Shareholders’ funds surged 58 percent to N237.08 billion ($175.42 million) from N149.99 billion ($110.98 million), bolstered by a rise in fair value reserves to N153.55 billion ($113.61 million) and retained earnings advancing to N73.62 billion.