United Capital Plc reported a profit of ₦28.15 billion for the year ended December 31, 2025, representing a 16.8 percent increase from ₦24.10 billion recorded in 2024 as gross earnings climbed to ₦58.55 billion.
The Group’s performance reflects strong growth in fee income, trading gains and fair value adjustments despite rising operating expenses and higher tax obligations.
Gross earnings rose from ₦43.43 billion in 2024 to ₦58.55 billion in 2025, driven by improved revenue across core business segments.
Net operating income expanded to ₦53.53 billion, up from ₦36.56 billion in the previous year. Fee and commission income increased to ₦23.25 billion, compared to ₦14.59 billion in 2024.
Net trading income surged to ₦17.66 billion, more than doubling from ₦6.41 billion recorded in the prior year. However, net investment income declined to ₦12.62 billion from ₦15.56 billion.
The Group recorded a net gain of ₦16.44 billion on financial assets at fair value through profit or loss, a substantial increase from ₦1.01 billion in 2024.
Operating expenses rose during the period. Personnel costs increased to ₦5.70 billion, while other operating expenses climbed sharply to ₦20.37 billion, compared to ₦10.83 billion in the previous year. Total expenses stood at ₦19.23 billion against ₦15.96 billion in 2024.
Despite higher costs, operating profit before tax rose to ₦39.31 billion, up from ₦27.48 billion. Profit before tax grew 36.8 percent to ₦41.18 billion, compared to ₦30.10 billion recorded in 2024.
Income tax expense more than doubled to ₦13.04 billion, reflecting higher taxable income and effective tax adjustments.
Profit attributable to equity holders increased to ₦28.15 billion, while total comprehensive income stood at ₦30.97 billion. This compares to ₦59.47 billion recorded in 2024, largely due to lower fair value gains on equity instruments measured at fair value through other comprehensive income.
Earnings per share improved to 156 kobo, up from 134 kobo in 2024, strengthening shareholder returns.
On a standalone basis, the Company reported profit of ₦20.10 billion, compared to ₦17.23 billion in the previous year.
The 2025 results underscore United Capital’s ability to sustain earnings growth through diversified revenue streams, particularly in trading and fee-based services, despite a more volatile macroeconomic environment.
Investors will monitor cost efficiency trends and capital allocation strategy as the Group continues to scale its investment banking and asset management operations.
