By Sofiyyah Layole
United Capital Plc has reported a profit after tax (PAT) of N21.17 billion for the nine months ended September 30, 2025, showing a 32.4 percent increase from N15.98 billion recorded in the same period of 2024. The performance was driven by strong growth in fee income, trading gains, and fair value gains on investments, according to the company’s unaudited financial statement released to the Nigerian Exchange Limited (NGX).
Gross earnings rose significantly by 47.5 percent to N41.54 billion in Q3 2025 compared to N28.16 billion in the corresponding period of 2024. Fee and commission income surged by 57.4 percent to N16.54 billion, while investment income grew to N11.32 billion from N8.42 billion in 2024. Net trading income also saw a sharp increase to N9.74 billion, from N3.41 billion in the previous year, reflecting improved performance in the capital markets.
Similarly, total operating expenses rose by 65 percent to N18.40 billion from N11.14 billion in 2024, driven by higher operating costs due to business expansion and inflationary pressures. Personnel expenses increased to N5.10 billion, while other operating expenses rose to N11.75 billion.
Operating profit before tax grew to N25.01 billion in 2025 from N18.73 billion in 2024, representing a 33.6 percent increase. Despite a higher tax expense of N3.84 billion for the period, United Capital maintained strong earnings momentum.
The Group’s total assets crossed the N1.8 trillion mark, rising to N1.87 trillion in Q3 2025 from N1.70 trillion in December 2024. This was largely boosted by growth in investment securities, which closed at N1.15 trillion, and cash and cash equivalents, which increased to N474.44 billion.
Total shareholders’ funds grew by 72.2 percent year on year to N229.91 billion as of September 2025, compared to N133.50 billion in December 2024. Retained earnings climbed to N46.50 billion, while fair value reserves rose significantly to N173.78 billion due to mark-to-market gains on financial instruments.
The company’s earnings per share (EPS) improved to 157 kobo, up from 118 kobo recorded in 2024 on an annualised basis. The company paid an interim dividend of N14.4 billion during the period, highlighting its strong capital position and consistent shareholder return policy.