United Capital Plc delivered a robust first-quarter performance for the period ended March 31, 2026, recording a 66.2 percent surge in profit after tax to ₦9.79 billion, driven by strong growth in fee and commission income and gains on financial assets. The financial services giant also reported a 31.1 percent increase in gross earnings to ₦17.17 billion, up from ₦13.10 billion in the same period of 2025. This impressive growth reflects the company’s continued focus on its diversified investment banking model and strategic portfolio management.
Fee and commission income was the standout performer, rising 72.4 percent to ₦7.69 billion from ₦4.46 billion in Q1 2025. This significant increase underscores the company’s expanding footprint in advisory, asset management, and brokerage services. Net gains on financial assets at fair value through profit or loss also jumped sharply to ₦3.57 billion, compared to ₦435.65 million in the prior year, highlighting effective capital allocation and market timing.
Despite these gains, net investment income dipped to ₦4.86 billion from ₦6.41 billion, while net trading income moderated to ₦1.08 billion from ₦1.50 billion. These declines were offset by strong performance in other income streams, allowing the company to maintain overall momentum. Total expenses rose slightly to ₦7.11 billion from ₦6.99 billion, primarily due to higher personnel costs and depreciation, though other operating expenses declined.
Operating profit before tax climbed to ₦10.06 billion, up from ₦6.10 billion in the previous year. Profit before tax also saw a 72.9 percent increase to ₦11.63 billion, supported by a ₦1.57 billion share of profit from associates. Although income tax expense rose to ₦1.84 billion from ₦835.02 million, the company still achieved strong bottom-line growth, with profit after tax settling at ₦9.79 billion.
Earnings per share improved to 218 kobo from 131 kobo, indicating enhanced shareholder returns. Total comprehensive income expanded significantly to ₦29.86 billion from ₦10.87 billion, driven by a ₦19.93 billion fair value gain on equity instruments. On the balance sheet, total assets grew to ₦1.81 trillion as of March 31, 2026, up from ₦1.76 trillion at the end of December 2025.
Cash and cash equivalents rose to ₦366.91 billion from ₦287.10 billion, while trade and other receivables increased sharply to ₦133.73 billion from ₦48.51 billion. Investment securities declined to ₦1.22 trillion from ₦1.34 trillion due to portfolio adjustments. Total liabilities increased to ₦1.64 trillion, with borrowed funds falling to ₦304.89 billion from ₦372.30 billion. Shareholders’ funds rose to ₦165.45 billion from ₦150.00 billion, supported by growth in fair value reserves.
The results demonstrate United Capital Plc’s resilience and strategic agility in navigating evolving market conditions. The company’s ability to generate strong earnings despite mixed performance in investment income positions it well for continued growth in Nigeria’s dynamic financial sector.
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