United Capital Profits Surge 66% as Quarterly Revenue Hits N17.2 Billion Milestone

United Capital reports N17.2 billion revenue and N9.8 billion net profit in Q1 2026, driven by asset management and cost control despite regional expansion costs.

By: AXL Media

Published: Apr 28, 2026, 6:17 AM EDT

Source: Information for this report was sourced from Premium Times

Strategic Fee Growth Drives Massive Earnings Expansion

United Capital Plc has demonstrated significant financial resilience in the first quarter of 2026, recording a 66.2 percent surge in net profit compared to the previous year. This growth was largely propelled by a substantial rise in gross earnings, which reached N17.2 billion, a nearly one third increase from the same period in 2025. According to the company’s latest earnings report, the primary drivers of this upward trajectory were improved fee and commission incomes, alongside net gains on financial assets recorded at fair value.

Asset Management Dominance Amid Regional Expansion Hurdles

The company’s diverse portfolio, which includes investment banking and wealth management, relies heavily on its asset management division as a primary revenue generator. In the first quarter, this sector contributed 34.4 percent to the total revenue and 32 percent to the bottom line. However, the group’s pan African expansion faced early headwinds as its newly launched Abidjan based subsidiary, UCAMAL, reported a loss of N258.4 million. This division remains the only loss making entity within the group as it attempts to capture opportunities in the broader West African investment banking landscape.

Cost Efficiency and Pre Tax Profit Acceleration

A critical factor in the group’s bottom line success was the effective management of operational costs during the period. Total expenses saw only a muted increase of 1.6 percent, allowing a greater portion of revenue to flow through to earnings. Consequently, profit before income tax jumped by 72.9 percent to reach N11.6 billion. This disciplined approach to spending has allowed United Capital to capitalize on its revenue gains, resulting in a profit after tax of N9.8 billion, up from N5.9 billion in the prior year.