United Capital Plc (NGX: UCAP, Bloomberg: UCAP:NL, Financial Times: UCAP:LAG) has released its unaudited financial results for the nine-month period ended September 30, 2025, recording another period of remarkable growth across key financial indicators. The financial services group reported a 47 percent year-on-year increase in gross earnings, reflecting its continued resilience, sound execution, and commitment to delivering exceptional value to shareholders.
The results show that United Capital’s gross earnings rose to ₦41.54 billion in the third quarter of 2025, up from ₦28.17 billion recorded in the same period of 2024. This impressive performance underscores the group’s strong operational capabilities and successful implementation of its business strategies across its subsidiaries.
Profitability and Shareholders’ Growth
In line with the group’s commitment to sustainable profitability, profit before tax (PBT) increased by 34 percent to ₦25.01 billion, compared to ₦18.73 billion in the same period last year. Profit after tax (PAT) also rose by 32 percent to ₦21.17 billion, from ₦15.98 billion in 2024.
Shareholders’ funds grew significantly by 72 percent, reaching ₦229.91 billion as of September 30, 2025, compared to ₦133.50 billion as of December 31, 2024. This substantial growth was driven by a 17 percent rise in retained earnings and a 107 percent increase in the fair value reserve during the period.
Total assets also improved by 10 percent year-to-date, moving from ₦1.70 trillion in December 2024 to ₦1.87 trillion in September 2025. The company attributed this increase to a 41 percent growth in cash and cash equivalents, coupled with a 2 percent growth in investment securities.
United Capital’s managed funds also saw strong growth momentum, climbing by 27 percent to ₦1.07 trillion, compared to ₦846.60 billion at the end of December 2024. This reflects sustained investor confidence in the group’s fund and asset management expertise.
Drivers of Performance
The group’s strong performance in 2025 was largely driven by significant increases across its major revenue streams. Fee and commission income rose by 57 percent year-on-year, investment income grew by 34 percent, and net trading income surged by an impressive 185 percent. These improvements demonstrate the company’s diversified revenue base and the success of its strategic focus on expanding its financial products and services portfolio.
Net operating income stood at ₦37.60 billion in 9M 2025, representing a 68 percent increase compared to ₦22.34 billion in 2024, while operating expenses rose to ₦17.46 billion, up from ₦11.71 billion in the corresponding period of the previous year, reflecting the company’s expansion activities and investments in business growth initiatives.
CEO’s Statement on Performance
Commenting on the results, the Group Chief Executive Officer of United Capital Plc, Mr. Peter Ashade, expressed confidence in the company’s growth trajectory and its ability to sustain its performance despite the challenging business environment.
“I am pleased to inform all stakeholders that United Capital Plc ended the third quarter of the year on an impressive note, as demonstrated by the company’s strong earnings growth and remarkable performance across key financial metrics,” Ashade stated. “This result underscores our resilience and reinforces our strong performance over the years. Despite the significant challenges faced during the period, we have continued to deliver value through prudent financial management and strategic diversification.”
Ashade added that the company remains focused on maintaining its strong performance through the final quarter of 2025, with a clear commitment to delivering exceptional value to shareholders and all stakeholders.
Financial Ratios and Market Performance
United Capital reported earnings per share (EPS) of 157 kobo, up from 118 kobo recorded in the previous year, representing a 32 percent increase. Net assets per share rose by 47 percent, reflecting the company’s robust balance sheet and strengthened capital base. As of September 30, 2025, United Capital’s share price stood at ₦12.77 on the Nigerian Exchange, compared to ₦7.42 at the same time last year, signaling strong investor confidence.
A Leading Pan-African Financial Institution
United Capital Plc continues to distinguish itself as one of Africa’s foremost financial and investment services groups. Listed on the Nigerian Exchange in 2013, the company is the first investment bank to be publicly listed in Nigeria. It operates a diversified business model with subsidiaries in Investment Banking, Consumer Lending, Trusteeship, Securities Trading, Asset Management, Wealth Management, and Microfinance Banking.
The group’s mission is to provide innovative, value-driven financial solutions that transform lives and enable growth across Africa. United Capital continues to leverage innovation, technology, and specialist expertise to deliver superior client experiences and drive sustainable economic development on the continent.
