LAGOS, Nigeria — United Capital Plc recorded a 66.24% rise in pre-tax profit to ₦41.58 billion for the nine months ended September 2026, up from ₦25.01 billion a year earlier. Investment income drove most of the gain.
The unaudited consolidated financial statements were filed with the Nigerian Exchange (NGX) on Monday, October 26, 2026. Gross earnings rose 50.37% to ₦62.47 billion from ₦41.54 billion, and profit after tax rose 64.51% to ₦34.83 billion from ₦21.17 billion. Earnings per share increased to 258 kobo from 157 kobo.
Net investment income was the largest contributor, rising 94.65% to ₦22.03 billion from ₦11.32 billion. That pushed it ahead of fee and commission income, which rose 26.63% to ₦20.95 billion. Net trading income climbed 29.40% to ₦12.60 billion.
Net operating income rose 47.82% to ₦55.58 billion. Operating expenses increased 27.80% to ₦23.51 billion, a slower rate than income growth. Impairment charges fell about 61% to ₦366.97 million, and all of them were classified as Stage 1, with no Stage 2 or Stage 3 charges.
Operating profit before tax rose 68.31% to ₦38.96 billion. A ₦2.63 billion share of profit from associates took the pre-tax total to ₦41.58 billion. The estimated tax charge was ₦6.75 billion, an effective rate of about 16%. Total comprehensive income fell 8.54% to ₦101.34 billion because of lower fair-value gains on equity investments.
The financial statements do not include a standalone third-quarter income statement. Based on the reported half-year figure of ₦24.78 billion, third-quarter pre-tax profit works out to about ₦16.80 billion. That is a derived figure, not one the company reported. On that basis, the third quarter was above the average quarterly pre-tax profit of about ₦12.4 billion in the first half.
Cash and cash equivalents rose 115.28% to ₦618.08 billion at September 30, 2026. Total assets grew 2.96% to ₦1.81 trillion, while investment securities fell 20.66% to ₦1.07 trillion. Shareholders’ funds rose 58.06% to ₦237.08 billion, and regulatory capital increased to ₦556.76 billion. Borrowed funds fell 14.03% to ₦320.08 billion. The company reported no outstanding commercial paper and no default on principal or interest.
The share price fell 2.1% to ₦16.55 on October 26, the day of the results release, from ₦16.90. It is down about 11.5% from ₦18.70 at the start of the year. At that price, the company’s 18 billion shares have a market value of roughly ₦298 billion.
Because investment income is now the largest source of earnings, future profit will depend more on interest rates and market conditions. Sustaining the growth will depend on keeping investment returns high while controlling operating costs.
