United Capital Plc has recorded a profit after tax of N5.89bn for the first quarter ended March 31, 2025, representing a 64 per cent jump from the N3.59bn posted in the same period last year.
The investment and financial services group said in its unaudited results released on Friday that its gross earnings more than doubled to N13.1bn from N6.1bn in Q1 2024. The impressive performance was mainly driven by strong growth in investment income and fee and commission income.
Investment income surged by 492 per cent to N6.41bn, while fee and commission income rose by 73 per cent to N4.46bn. Net trading income also grew to N1.5bn, up from N632m recorded in the same period last year.
Despite a rise in operating expenses to N6.99bn, United Capital reported an operating profit before tax of N6.73bn, up from N4.09bn a year ago.
The Group Chief Executive Officer, Peter Ashade, said the result showed the strength of the company’s diversified business model and its ability to navigate market challenges.
“Our focus remains on creating value for our stakeholders, driving growth across our business lines and maintaining strong risk management practices,” Ashade said.
As of March 31, 2025, United Capital’s total assets stood at N1.72tn, slightly up from N1.70tn at the end of 2024, while shareholders’ funds rose to N161.5bn from N133.5bn.
The company also recorded a N31.1bn fair value gain on investments measured through other comprehensive income.
United Capital operates subsidiaries in investment banking, asset management, trusteeship, securities trading and microfinance banking. It said it remains optimistic about sustaining its growth momentum for the rest of the year despite economic headwinds.
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