UNITED CAPITAL PLC AUDITED RESULTS FOR THE YEAR ENDED DECEMBER 31, 2025 UNITED CAPITAL GROUP DELIVERS REMARKABLE FINANCIAL PERFORMANCE AS PROFIT BEFORE TAX GROW BY 37% YOY LAGOS, NIGERIA - March 1, 2026 - United Capital Plc (NGX: UCAP, Bloomberg: UCAP: NL, Financial Times: UCAP: LAG) has announced its Audited Financial Results for the year ended December 31, 2025.
Key Highlights
Remarkable Earnings GrowthUnited Capital Plc recorded a remarkable Y-o-Y growth in revenue of 35% from
₦43.43 billion in 2024 to ₦58.55 billion in 2025. This outstanding performance reflects the Group's continued execution capability, diversified revenue base, and resilience across its business lines.
The result was primarily propelled by exceptional growth in net trading income (+176% year-on-year) and impressive growth in fee and commission income (+59% year-on-year).
Impressive ProfitabilityIn line with the Group's strategic direction and responsibility mandate to its
shareholders, profit before tax grew by a commendable 37% year-on-year to
₦41.18 billion, while profit after tax rose by 17% year-on-year to ₦28.15 billion. Total comprehensive income for the year stood at ₦30.97 billion.
This result affirms the Group's ability to continue its historic growth trajectory while improving shareholders wealth despite the volatile operating environment.
Enhanced Shareholder ReturnsUnited Capital upheld its commitment of improving shareholders wealth as the Board approved a final cash dividend of ₦0.70 kobo per ordinary share (₦12.6 billion), bringing total dividend for FY 2025 to ₦1.00 per share (₦18 billion), up 25% year-on-year from ₦14.4 billion payout in 2024.
This improved wealth distribution reflects the Group's solid cashflow, commitment to improving the lives of shareholders, while delivering strong earnings performance.
Earnings | FY 2025 | FY 2024 | Change |
Gross Earnings (N'bn) | 58.55 | 43.43 |
35% |
PBT (N'bn) | 41.18 | 30.10 |
37% |
PAT (N'bn) | 28.15 | 24.10 |
17% |
Financial Position | December 2025 | December 2024 | Change |
Total Assets (N'bn) | 1,761.34 | 1,701.70 |
4% |
Managed funds (N'bn) | 993.64 | 846.60 |
17% |
Shareholders' Funds (N'bn) | 149.99 | 133.50 |
12% |
Financial Ratios | December 2025 | December 2024 | Change |
EPS (kobo) | 156 | 134 |
17% |
Net Assets per share | 8.33 | 7.42 |
12% |
"I am immensely proud of the leadership and the entire United Capital team for the stellar performance delivered in the 2025 financial year. I applaud our people for approaching every challenge with diligence, discipline, and an unwavering commitment to excellence.
This level of excellence continues to set United Capital apart as a leader in the investment banking and financial services industry. I extend my sincere appreciation to our clients, partners, and shareholders for their enduring trust, and to our teams across the Group whose passion and professionalism make performances like this possible."
On the Group's performance, the Group Chief Executive Officer, Mr. Peter Ashade, had this to say:"I am delighted to inform all our stakeholders that United Capital Group ended the year on an impressive note as Profit before Tax rose by 37% year-on-year despite the challenging operating environment. This remarkable business performance was driven by growth in core business operations, resilient business model and strong execution of our strategic initiatives.
As we proceed into the 2026 financial year, I remain excited about the opportunities ahead. Our robust risk management framework, technical expertise, operational scale, focused team and strategic clarity provide us a strong platform to effectively harness the opportunities inherent in our operating environment."
This Earnings Press Release should be read in conjunction with the audited Financial Statements for the year ended December 31st, 2025. The Earnings Press Release and the audited Financial Statements for the year ended December 31st, 2025 are available on our website at https://www.unitedcapitaplclgroup.com/investor-relations/. This analysis is dated March 1st, 2026. Unless otherwise indicated, all amounts are expressed in the Nigerian Naira, and have been primarily derived from the Group's Financial Statements, prepared in accordance with the International Financial Reporting Standards ("IFRS"). The accounting policies used in the preparation of these financial statements are consistent with those used in the Group's audited Financial Statements for the year ended December 31st, 2025. Additional information relating to the Group is available on the Group's website http://www.unitedcapitalplcgroup.com/
KEY PERFORMANCE HIGHLIGHTS
Income Statement:Gross Earnings: N58.55 billion in FY 2025, compared to N43.43 billion in FY 2024 (35% growth year-on-year)
Net Operating Income: N53.53 billion in FY 2025, compared to N36.56 billion in FY 2024 (46% growth year-on-year)
Operating expenses: N27.00 billion in FY 2025, compared to N16.85 billion in FY 2024 (60% growth year-on-year)
Profit Before Tax: N41.18 billion in FY 2025, compared to N30.10 billion in FY 2024 (37% growth year-on-year)
Profit After Tax: N28.15 billion in FY 2025, compared to N24.10 billion in FY 2024 (17% growth year-on-year)
Statement of Financial Position:Total Assets: N1.76 trillion, compared to N1.70 trillion as at December 31, 2024 (4% year-on-date growth)
Managed funds: N993.64 billion, compared to N846.60 billion as at December 31, 2024 (17% year-to-date growth)
Shareholders Fund: N149.99 billion, compared to N133.50 billion as at December 31 2024 (12% year-on-year growth)
Gross Earnings (N' billion)
58.55
Profit Before Tax (N' billion)
41.18
43.43
30.10
FY 2024
FY 2025
FY 2024
FY 2025
37%
35%
Comparing FY 2025 with FY 2024, the following are worthy of note:
Gross Earnings: United Capital's gross earnings rose by 35% year-on-year to N58.55 billion in FY 2024 compared to N43.43 billion in FY 2024 driven by growth in fee and commission income (+59% year-on-year), Net trading income (+176% year-on-year), Net gain on financial assets FVTPL (+1528% year-on-year) while investment income declined by 19% year-on-year.
PBT and PAT: United Capital's PBT rose by 37% year-on-year to N41.18 billion while PAT grew by 17% year-on-year to N28.15 billion during the year under review.
Total Assets: The company's total assets increased by 4% year-on-year to N1.76 trillion in FY 2025 compared to N1.70 trillion in FY 2024, largely driven by 19% growth in investment securities.
Managed funds: United Capital's Managed funds grew by 17% year-to-year to N993.64 billion in FY 2025 compared to N846.60 billion in FY 2024.
Shareholders' Fund: United Capital Shareholders' funds increased by 12% year-on-year to N149.99 billion in FY 2025 compared to N133.50 billion in FY 2024 largely driven by 34% year-on-year growth in retained earnings
Proposed Dividend: The Board of Directors proposed a final dividend of N0.70 per share, amounting to a total of N12.6billion dividend to be paid to shareholders upon approval by members at the AGM.
STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
31 December | 31 December | |
2025 | 2024 | |
=N=' 000 | =N=' 000 | |
Gross earnings | 58,547,620 | 43,431,097 |
Net investment income | 12,621,526 | 15,557,934 |
Fee and commission income | 23,251,664 | 14,587,929 |
Net trading income | 17,661,007 | 6,410,486 |
Net operating income | 53,534,197 | 36,556,349 |
Other (loss)/ income | (11,428,734) | 5,864,481 |
Net gain on financial assets at fair value through profit or loss | 16,442,157 | 1,010,267 |
Total revenue | 58,547,620 | 43,431,097 |
Personnel expenses | (5,697,753) | (5,349,938) |
Other operating expenses | (20,373,754) | (10,833,403) |
Depreciation of property and equipment | (552,756) | (363,743) |
Amortisation of intangible & right of use assets | (379,708) | (301,166) |
Impairment write-back/(charge) for credit losses | 7,769,550 | 892,990 |
Total expenses | (19,234,421) | (15,955,260) |
Operating profit before income tax | 39,313,199 | 27,475,837 |
Share of accumulated profit of Associates | 1,869,495 | 2,627,006 |
Profit before income tax | 41,182,694 | 30,102,843 |
Income tax expense | (13,036,134) | (6,000,000) |
Profit for the year | 28,146,560 | 24,102,843 |
Other comprehensive income, net of income tax | ||
Items that will not be reclassified subsequently to profit or loss | ||
Fair value gain on investments in equity instruments measured at FVTOCI (net of tax) | 2,391,809 | 34,808,351 |
Actuarial gains on defined benefits (net of taxes) | (28,955) | 103,976 |
Items that may be reclassified subsequently to profit or loss | ||
Fair value gain on investments in debt instruments measured at FVTOCI (net of tax) | 461,004 | 459,735 |
Other comprehensive income for the year, net of taxes | 2,823,858 | 35,372,062 |
Total comprehensive income for the year | 30,970,418 | 59,474,905 |
Profit for the period attributable to: | ||
Equity holders of the Company | 28,146,560 | 24,102,843 |
Total comprehensive income attributable to: | ||
Equity holders of the Company | 30,970,418 | 59,474,905 |
Earnings per share-basic (kobo) | 156 | 134 |
Earnings per share-diluted (kobo) | 156 | 134 |
STATEMENTS OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
31 December | 31 December | |
2025 | 2024 | |
=N=' 000 | =N=' 000 | |
ASSETS | ||
Cash and cash equivalents | 287,100,799 | 337,013,523 |
Investment securities | 1,343,682,316 | 1,133,596,685 |
Loans and advances | 68,775,968 | 59,021,818 |
Trade and other receivables | 48,507,565 | 161,248,657 |
Right of use assets | 290,574 | 405,416 |
Intangible assets | 812,550 | 955,490 |
Investments in associates | 9,802,289 | 7,932,794 |
Property and equipment | 2,365,069 | 1,529,253 |
TOTAL ASSETS | 1,761,337,130 | 1,701,703,636 |
LIABILITIES | ||
Managed funds | 993,640,397 | 846,600,428 |
Borrowed funds | 372,302,220 | 406,060,830 |
Other liabilities | 217,493,996 | 296,069,385 |
Defined benefit obligations | 658,458 | 393,999 |
Current tax liabilities | 12,413,406 | 7,011,324 |
Deferred tax liabilities | 14,831,709 | 12,064,404 |
TOTAL LIABILITIES | 1,611,340,186 | 1,568,200,370 |
SHAREHOLDERS FUND | ||
Share capital | 9,000,000 | 9,000,000 |
Share premium | 515,241 | 515,241 |
Retained earnings | 53,188,832 | 39,731,566 |
Regulatory risk reserve | 75,759 | 5,663 |
Statutory reserve | 145,298 | - |
Fair value reserves | 86,999,633 | 84,146,820 |
Foreign Currency Translation Reserve | (2,840) | - |
Defined benefit plan reserve | 75,021 | 103,976 |
TOTAL SHAREHOLDERS FUND | 149,996,944 | 133,503,266 |
TOTAL LIABILITIES AND SHAREHOLDERS FUND | 1,761,337,130 | 1,701,703,636 |
EDITOR'S COMMENT
United Capital Plc is a leading Pan-African financial and investment services group, with a mission to provide bespoke and innovative value-added services to its client. The group aims to transform the African continent by providing innovative and creative investment banking solutions to governments, companies, and individuals.
The company which was listed on the Nigerian Stock Exchange on the 17th of January 2013 is setting the pace to becoming the financial and investment role model across Africa, by deploying innovation, technology, and specialist skills to exceed client expectations, while creating sustained value for all stakeholders.
As a pacesetter, United Capital is the first Investment Bank to be listed on the Nigerian Exchange. It operates as a group with subsidiaries in the Investment Banking, Consumer Lending, Trusteeship, Securities Trading and Asset Management, Wealth Management and Microfinance Banking.
More information can be found at: http://www.unitedcapitalplcgroup.com/
For further enquiries:
Shedrack OnakpomaGroup Chief Financial Officer
shedrack.onakpoma@unitedcapitalplcgroup.com
United Capital Investor Relations Deskinvestorrelations@unitedcapitalplcgroup.com
CAUTION REGARDING FORWARD LOOKING STATEMENTSFrom time to time, the Group makes written and/or oral forward-looking statements, including in this press release and in other communications. In addition, representatives of the Group may make forward-looking statements orally to analysts, investors, the media, and others. All such statements are intended to be forward looking statements. Forward looking statements include, but are not limited to, statements regarding the Group's objectives and strategies to achieve them, and the Group's anticipated financial performance. Forward looking statements are typically identified by words such as "will", "should", "believe", "expect", "anticipate", "intend", "estimate", "may" and "could".
Any forward-looking statements contained in this presentation represent the views of management only as of the date hereof and are presented for the purpose of assisting the Group's investors and analysts in understanding the Group's financial position, objectives and priorities and anticipated financial performance as at and for the
periods ended on the dates presented and may not be appropriate for other purposes. The Group does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by or on its behalf, except as required under applicable securities legislation
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