United Capital Plc's profit before tax rose 66 percent to N41.58 billion in the first nine months of 2026, up from N25.01 billion in the same period of 2025, as the investment banking group benefited from stronger investment income, fees and trading revenue. The company's unaudited financial results for the period ended September 30, 2026, showed that profit after tax climbed 65 percent to N34.83 billion from N21.17 billion. Gross earnings jumped 50 percent year-on-year to N62.47 billion, compared with N41.54 billion a year earlier, reflecting improved performance across key income streams.
Net investment income nearly doubled, increasing 95 percent to N22.03 billion from N11.32 billion, making it the largest of three major operating income streams. Fee and commission income grew 27 percent to N20.95 billion from N16.54 billion, while net trading income increased 29 percent to N12.60 billion from N9.74 billion. The growth in these income streams helped lift net operating income by 48 percent to N55.58 billion from N37.60 billion. United Capital also turned around other income to N266.3 million, compared with a loss of N1.47 billion a year earlier, while net gains on financial assets measured at fair value through profit or loss increased 22 percent to N6.62 billion from N5.42 billion.
Rising operating costs partly offset the improvement in revenue. Total expenses, including personnel costs, other operating expenses, depreciation and amortisation, increased to N23.51 billion from N18.40 billion a year earlier. Despite this, the group's profit before tax grew faster than expenses, and its profit margin improved to 66.57 percent from 60.22 percent in September 2025. Earnings per share increased to 258 kobo from 157 kobo, representing a 65 percent rise.
Beyond earnings, the group strengthened its financial position. Shareholders' funds increased 58 percent to N237.08 billion as of September 2026, compared with N150 billion at the end of December 2025, primarily driven by a 76 percent rise in fair value reserves and a 38 percent growth in retained earnings. Total assets rose 3 percent to N1.81 trillion from N1.76 trillion at the end of 2025, supported largely by a 115 percent increase in cash and cash equivalents to N618.08 billion from N287.10 billion. Managed funds grew 4 percent to N1.04 trillion from N993.64 billion over the same period.
Peter Ashade, group chief executive officer, said the company ended the third quarter on a strong note. "Looking ahead to the final quarter of the year, we are well-positioned to build on our momentum, driven by a continued focus on strong execution, sustainable growth, and long-term value creation for our shareholders," Ashade said.