United Capital Plc has released its unaudited nine-month 2025 result, reporting profit before tax of N25.01 billion, a 33.5% increase compared to N18.73 billion recorded in the same period of 2024, according to the company’s unaudited financial report filed with the Nigerian Exchange (NGX).

Profit after tax for the period improved to N21.17 billion, compared to N15.98 billion recorded in nine months 2024.

The Group’s gross earnings surged by 47.46%, to N41.54 billion in 9 months of 25 compared to N28.17 billion in 9M 2024.

Key highlights: (9M 2025 vs 9M 2024)    

• Gross earnings:  N41.54 billion (+47.46% YoY)
• Investment income: N11.31 billion (+34.4% YoY)
• Fees and commission income: N16.54 billion (+57.5% YoY).
• Net operating income: N37.598 billion (+68.30% YoY)
• Operating profit: N23.14 billion (+35.95% YoY)
• Earnings per share: N1.57; (+33.05% YoY)
• Total assets: N1.867 trillion; (+9.74%)
• Shareholders fund: N229.91 billion (+72.2%)

Income drivers: Fees and investment gains 

A closer look at the numbers shows performance largely driven by fees and investment income.

Investment income reached N11.31 billion, up from N8.41 billion in 2024.

• This came despite higher interest expenses of N104.7 billion tied to managed funds and other borrowings.
• Gross investment income hit N115.99 billion, of which N94.9 billion came from managed funds alone.

Fees and commission income surged 57.5% to N16.54 billion, from N10.50 billion a year earlier, reflecting strong transactional activity in the group’s wealth management and investment banking businesses.

Total operating expenses rose significantly to N18.4 billion, compared to N11.14 billion in the same period last year, marking a 65.2% increase.

• This means expenses now account for 44% of gross earnings, up from 38% in 2024.

Despite the surge in expenses, United Capital’s net operating income climbed to N37.60 billion, up 68.3% YoY, pointing to improved cost-efficiency and stronger revenue conversion.

Balance sheet

Total assets edged up to N1.9 trillion, driven mainly by securities investments totaling N1.15 trillion, compared with N1.7 trillion in 2024.

• Liabilities increased moderately to N1.63 trillion from N1.56 trillion.
• Shareholder funds strengthened to N229.9 billion, from N133.5 billion in the previous year, driven by improved retained earnings.

United Capital’s 9M 2025 performance showcases a business delivering strong, broad-based growth, but rising cost pressures.

Solid improvements in both fee income and net investment income have helped maintain margins and drive bottom-line growth.

With a strong balance sheet, rising EPS, and an increasingly diversified revenue base, the Group appears positioned to sustain momentum heading into Q4 and 2026.

As of the close of trading on October 28, 2025, the shares were priced at N18.50, reflecting a YtD loss of 9.31%

Source: Nairametrics