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United Capital Plc, a leading Pan-African investment banking and financial services group, announced its unaudited results for the period ended September 30, 2026. Building on the strong momentum of H1-2026, the all-positive broad-based growth across all key financial indicators reflects the disciplined execution that continues to underpin the United Capital sectoral leadership across Africa’s financial services landscape.
The Group delivered another period of remarkable growth across board, with gross earnings rising 50% year on year to ₦62.47 billion, profit before tax climbing 66% to ₦41.58 billion and profit after tax growing 65% to ₦34.83 billion.
This performance underscores the strength and consistency of a diversified business model spanning investment banking, asset and wealth management, securities trading, trusteeship, consumer lending and microfinance banking, supported by a Pan African presence that now stretches from Côte d’Ivoire to Ethiopia and Rwanda.
| Earnings | September 2026 | September 2025 | Change |
|---|---|---|---|
| Gross Earnings (N’bn) | 62.47 | 41.54 | 50% |
| PBT (N’bn) | 41.58 | 25.01 | 66% |
| PAT (N’bn) | 34.83 | 21.17 | 65% |
| Financial Position | September 2026 | December 2025 | Change |
| Total Assets (N’bn) | 1,813.54 | 1,761.34 | 3% |
| Managed funds (N’bn) | 1,037.82 | 993.64 | 4% |
| Shareholders’ Funds (N’bn) | 237.08 | 149.99 | 58% |
| Financial Ratios | September 2026 | September 2025 | Change |
| *EPS (kobo) | 258 | 157 | 65% |
| PBT Margin | 66.57% | 60.22% | 11% |
Commenting on the results, Mr. Peter Ashade, Group Chief Executive Officer, United Capital Plc, said,
“our performance reflects the strength of a franchise that continues to set the standard for investment banking and financial services in Africa. Growing profit before tax by 66% and shareholders’ funds by 58% within the year is clear evidence that our leadership position is translating into durable, compounding value for our shareholders, clients and partners. This growth has been broadly based across our core income lines, a testament to the depth of our diversified model and the discipline with which we execute. As we approach the close of the financial year, our focus remains firmly on finishing strongly, deepening our market leadership, strengthening our revenue generating capabilities and capitalizing on the opportunities emerging across our markets in Africa”.
The performance was not linear, it was significantly broad based. Net operating income grew 48% year on year to ₦55.58 billion, driven by a 95% rise in net investment income, a 27% increase in fee and commission income and 29% growth in net trading income. The Group also improved its profit before tax margin to 66.57%, from 60.22% in the corresponding period of 2025, reflecting the efficiency with which it continues to convert revenue into returns, while net assets per share rose 58% year to date to ₦13.17.
KEY Q3 BUSINESS MILESTONES
The quarter was also marked by key strategic milestones. United Capital served as a Joint Issuing House on the landmark Dangote Petroleum Refinery and Petrochemicals Initial Public Offering, billed as Africa’s largest ever share offering, with United Capital Securities acting as Official Broker to support broad retail participation. The Group also opened direct stock trading to retail investors on InvestNow, its digital investment platform, and hosted its maiden Investor Relations Roundtable with analysts, fund managers and financial journalists. In addition, UCEE Microfinance Bank grew its capital base to ₦5.6 billion, strengthening its capacity to deliver financial inclusion at a national scale, while shareholders received an interim dividend of ₦5.4 billion during the period.
United Capital enters the final quarter of 2026 from a position of category strength, with a fortified balance sheet, managed funds of ₦1.04 trillion and an expanding Pan African footprint, as the Group continues to press its advantage as the continent’s leading and most trusted investment banking brand and remains focused on delivering a strong full year performance.
ABOUT UNITED CAPITAL
United Capital Plc is a leading pan-African financial and investment services group with over six decades of existence and operations, offering Investment Banking, Asset Management, Trusteeship, Securities Trading, Wealth Management, Microfinance Banking and Consumer Finance services to a diverse clientele.
With a heritage spanning more than 60 years and operations across Nigeria, Ghana, Côte d’Ivoire, Rwanda and Ethiopia, the Group continues to expand its African footprint, leveraging innovation and technology to create value for clients and stakeholders. Through InvestNow.ng, its retail digital investment platform, United Capital provides individuals with simple and convenient access to a range of investment opportunities. United Capital has earned numerous local and international recognitions, including being named by the Financial Times as one of Africa’s Fastest-Growing Companies for four consecutive years. More information can be found at: https://www.unitedcapitalplcgroup.com/
