United Capital Plc has released its H1 2026 results, reporting a pre-tax profit of N24.777 billion for the six months ended June 30, 2026.

This represents a 79.62% YoY increase from N13.794 billion in the corresponding period of 2025.

According to the unaudited results, profit after tax also rose by 77.45% YoY to N21.097 billion, compared with N11.889 billion in H1 2025, while basic earnings per share increased by 77.27% to 234 kobo from 132 kobo.

Reflecting the stronger earnings performance and its commitment to shareholder returns, the Board declared an interim dividend of 30 kobo per 50-kobo ordinary share, subject to applicable withholding tax and approval.

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The qualification date was Monday, July 27, 2026, while payment was scheduled for Thursday, July 30, 2026.

Key Highlights (H1 2026 vs H1 2025)

  • Gross earnings: N37.49 billion (Up 57.79% YoY from N23.76 billion)
  • Net investment income: N13.81 billion (Up 44.59% YoY from N9.55 billion)
  • Fee and commission income: N14.28 billion (Up 25.78% YoY from N11.35 billion)
  • Net trading income: N4.96 billion (Up 1,082.96% YoY from N419.44 million)
  • Net operating income: N33.05 billion (Up 55.01% YoY from N21.32 billion)
  • Operating profit: N23.32 billion (Up 84.48% YoY from N12.64 billion
  • Borrowed funds: N185.88 billion (Down 50.07% from N372.30 billion as of December 2025).
  • Total assets: N1.64 trillion (Down 6.72% from N1.76 trillion as of December 2025).
  • Cash and cash equivalents: ₦400.80 billion (Up 39.60% from ₦287.10 billion as of December 2025).

Management Comment

Commenting on the performance, Group Chief Executive Officer Peter Ashade said:

  • “I am delighted to announce that United Capital Group has once again delivered an exceptional financial performance in the first half of 2026. This impressive performance is a result of the disciplined execution of our strategic priorities, resilience of our robust and diversified business model, prudent risk management, and our unwavering commitment to consistently create sustainable value despite the dynamic operating environment.”
  • “In line with our commitment to rewarding our shareholders, the Board has approved an interim dividend of 30 kobo per share. As we prepare for the second half of the year, we remain focused on sustaining this momentum by solidifying our market leadership position, strengthening our retail play, expanding our presence across Africa, enhancing our customer value propositions, and delivering superior long-term value to our stakeholders.”

Driving the numbers

United Capital’s revenue growth was supported by increases across its major income lines.

  • Net investment income rose by 44.59% to N13.81 billion, while fee and commission income increased by 25.78% to N14.28 billion.
  • Net trading income also climbed sharply to N4.96 billion from N419.44 million, while gains on financial assets measured at fair value through profit or loss rose to N4.67 billion from N2.01 billion.
  • These, helped gross investment income increase to N78.27 billion from N68.76 billion.
  • Income from managed funds remained the largest disclosed investment-income component at N59.11 billion, compared with N53.78 billion in the prior-year period.
  • Income from loans rose to N11.12 billion from N7.26 billion.
  • Interest from placements and bonds increased to N4.08 billion from N3.23 billion.

However, interest expense on managed funds and other borrowings remained substantial, rising to N64.46 billion from N59.21 billion.

This absorbed most of the Group’s gross investment income, leaving net investment income of N13.81 billion.

  • On costs, operating costs also increased during the period. Personnel expenses rose to N4.02 billion from N3.11 billion, while other operating expenses increased to N9.81 billion from N7.18 billion.
  • Depreciation of property and equipment rose to N552.76 million from N167.70 million.
  • The cost increase was partly moderated by an impairment write-back of N362.09 million, compared with an impairment charge of N507.95 million in the corresponding period.

Despite the higher operating expenses, operating profit increased faster than revenue, rising by 84.48% to N23.32 billion.

The Group also recognised N1.45 billion as its share of accumulated profit from associates, compared with N1.15 billion in the prior-year period. This lifted pre-tax profit to N24.78 billion.

Balance sheet

On the balance sheet, cash and cash equivalents increased by N113.70 billion to N400.80 billion, while investment securities declined to N1.08 trillion from N1.34 trillion.

Borrowed funds fell by more than half to N185.88 billion, although managed funds increased to N1.04 trillion from N993.64 billion.

Total shareholders’ funds rose to N187.09 billion from N150.00 billion, supported mainly by an increase in fair-value reserves to N117.25 billion and retained earnings of N59.89 billion.

Market reaction

United Capital closed at N18.60 per share on Monday, July 27, 2026, representing a gain of 0.5% from its previous closing price of N18.50.

The stock began 2026 at N18.70 and had declined by 0.53% year to date.