LAGOS, NIGERIA – United Capital Plc reported an 80% year-on-year increase in profit before tax (PBT) to ₦24.78 billion for the first half of 2026, as strong investor activity across Nigeria’s capital markets boosted trading income, investment returns and fee-based earnings.
The investment banking and financial services group also declared an interim dividend of ₦5.4 billion, equivalent to 30 kobo per ordinary share, reinforcing its commitment to shareholder returns after delivering one of its strongest half-year performances on record.
Profit after tax rose 77% to ₦21.10 billion, while gross earnings climbed 58% to ₦37.49 billion, reflecting broad-based growth across the Group’s diversified businesses. Earnings per share increased to 234 kobo, up from 132 kobo in the corresponding period of 2025.
Capital Market Recovery Drives Earnings
Unlike traditional lenders that depend primarily on interest income, United Capital’s earnings were driven by increased activity in Nigeria’s capital markets.
The company said gross earnings were supported by a 26% increase in fee and commission income, 45% growth in net investment income, an exceptional 1,083% surge in net trading income, and a 132% rise in gains from financial assets measured at fair value through profit or loss.
The results suggest that improving investor participation in equities, fixed income and other investment products continued to support earnings for diversified financial services firms during the first half of the year.
“I am delighted to announce that United Capital Group has once again delivered an exceptional financial performance in the first half of 2026,” Group Chief Executive Officer Peter Ashade said, attributing the performance to disciplined execution, a diversified business model and prudent risk management.
Managed Funds Cross ₦1 Trillion
Beyond earnings growth, United Capital achieved another significant milestone.
Assets under management increased to ₦1.04 trillion, up from ₦993.64 billion at the end of 2025, marking the company’s entry into Nigeria’s trillion-naira asset management club. At the same time, shareholders’ funds expanded 25% to ₦187.09 billion, strengthening its capital base.
Although total assets declined 7% to ₦1.64 trillion, the company said the movement was largely driven by a reduction in investment securities, while cash and cash equivalents increased 40%, indicating stronger liquidity.
By the Numbers
- Gross Earnings: ₦37.49 billion, up 58%
- Profit Before Tax: ₦24.78 billion, up 80%
- Profit After Tax: ₦21.10 billion, up 77%
- Managed Funds: ₦1.04 trillion
- Shareholders’ Funds: ₦187.09 billion, up 25%
- Earnings Per Share: 234 kobo
- Interim Dividend: 30 kobo per share (₦5.4 billion)
Why It Matters
United Capital’s results underline how Nigeria’s improving capital market environment is creating new growth opportunities for firms with diversified investment banking, asset management and wealth management businesses.
While commercial banks continue to benefit from higher interest rates, firms such as United Capital are increasingly generating earnings from advisory services, securities trading, investment management and capital market transactions. The sharp rise in trading and investment income during the first half illustrates how stronger market activity is translating into higher profitability for non-bank financial institutions.
The results also demonstrate the resilience of fee-based business models, which are generally less dependent on traditional lending activities and can benefit from rising investor participation across multiple asset classes.
Outlook
Management said the Group will focus on sustaining its growth momentum in the second half of the year by strengthening its retail business, expanding its African footprint, enhancing customer value propositions and maintaining its market leadership across its core businesses.
BuyerMetrics Bottom Line
United Capital’s first-half performance is more than an earnings story. It reflects a broader shift in Nigeria’s investment landscape, where improving capital market activity is creating new revenue opportunities for investment banks, asset managers and wealth management firms. As trading volumes increase and investors diversify beyond traditional fixed-income instruments, firms with diversified fee-based business models are well positioned to benefit.
This trend complements BuyerMetrics’ earlier analysis, “Why More Nigerian Investors Are Choosing Treasury Bills Over Stocks,” which examined how high fixed-income yields have reshaped investment decisions. While that story focused on investor behaviour, United Capital’s H1 2026 results show how stronger participation across multiple asset classes is translating into higher earnings for financial services firms. Read more: https://buyermetricsnews.com/financial-market/treasury-bill-and-bonds/investors-treasury-bills-o-stocks/
