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United Capital Plc has reported its strongest half-year earnings in at least nine years, with after-tax profit rising 54 percent to N11.9 billion in the first half of 2025 from N7.73 billion a year earlier, according to data compiled by BusinessDay.
The investment firm’s gross earnings rose 57 percent to N23.76 billion, powered by a more than twofold increase in investment income to N9.55 billion and an 80 percent jump in fee and commission income to N11.35 billion. These gains reflect stronger activity across its asset management, investment banking, and trustee businesses.
However, net trading income dropped sharply to N419.4 million from N1.76 billion in the same period last year, signalling weaker performance in securities trading. Operating expenses climbed 67 percent to N11.12 billion, driven by higher personnel and administrative costs, but revenue growth outpaced the rise in expenditures.
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Other comprehensive income delivered a major boost, with N30.09 billion in fair value gains on equity investments lifting total comprehensive income to N42.41 billion, up from N34.87 billion in 2024.
On the balance sheet, total assets fell 6.8 percent to N1.59 trillion from N1.70 trillion at the end of December 2024, as investment securities dropped 22 percent to N880.46 billion, suggesting portfolio rebalancing. Cash and cash equivalents rose sharply to N481.86 billion from N337.01 billion, strengthening the group’s liquidity position.
Total liabilities fell to N1.42 trillion from N1.57 trillion, helped by a significant drop in other liabilities.
Shareholders’ funds rose 25 percent to N166.91 billion, underscoring investor confidence in the Group’s long-term prospects. Following the strong results, United Capital declared an interim dividend of N5.4 billion (N0.30 per 50 kobo share).
The performance extends the company’s five-year growth streak. Since the first half of 2020, profit has risen more than 522 percent, from N1.91 billion to N11.89 billion, while revenue has jumped from N4.45 billion to N23.76 billion.
“We are pleased to report that we ended the first half of the year on a strong and positive note,” said Peter Ashade, the company’s group CEO, in a statement. “Once again, we have continued our track record of excellence and strong financial performance, which reflects the strength of our diversified business model.”
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United Capital, which last year made history by declaring its first-ever interim dividend alongside a 2-for-1 bonus issue, is pushing ahead with its Pan-African expansion strategy. Following its entry into Francophone West Africa, the Group aims to deepen its retail reach and strengthen its presence across the continent.
“With a solid first-half performance and a clear growth strategy, United Capital is well-positioned to close 2025 on a stronger note, delivering sustained value to shareholders, clients, and communities,” the statement added.
