{"id":11066,"date":"2026-10-27T09:53:42","date_gmt":"2026-10-27T09:53:42","guid":{"rendered":"https:\/\/ograsset.com\/?p=11066"},"modified":"2026-10-27T09:53:44","modified_gmt":"2026-10-27T09:53:44","slug":"united-capitals-9m-2026-pre-tax-profit-rises-66-to-n41-58-billion-as-investment-income-nearly-doubles","status":"publish","type":"post","link":"https:\/\/ograsset.com\/index.php\/2026\/10\/27\/united-capitals-9m-2026-pre-tax-profit-rises-66-to-n41-58-billion-as-investment-income-nearly-doubles\/","title":{"rendered":"United Capital\u2019s 9M 2026 pre-tax profit rises 66% to N41.58 billion as investment income nearly doubles"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"975\" height=\"581\" src=\"https:\/\/ograsset.com\/wp-content\/uploads\/2026\/10\/image-59.png\" alt=\"\" class=\"wp-image-11067\" srcset=\"https:\/\/ograsset.com\/wp-content\/uploads\/2026\/10\/image-59.png 975w, https:\/\/ograsset.com\/wp-content\/uploads\/2026\/10\/image-59-300x179.png 300w, https:\/\/ograsset.com\/wp-content\/uploads\/2026\/10\/image-59-768x458.png 768w\" sizes=\"auto, (max-width: 975px) 100vw, 975px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">United Capital Plc recorded a 66.24% increase in pre-tax profit to N41.58 billion for the nine months ended September 2026, compared with N25.01 billion in the corresponding period of 2025, driven largely by a surge in investment income.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This is according to the company\u2019s unaudited consolidated financial statements filed with the Nigerian Exchange (NGX) on Monday, October 26, 2026, which showed gross earnings increasing by 50.37% to N62.47 billion from N41.54 billion.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Profit after tax rose by 64.51% to N34.83 billion from N21.17 billion, while earnings per share increased to 258 kobo from 157 kobo.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Investment Income surges 94.65%:<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Net investment income emerged as United Capital\u2019s largest earnings contributor during the nine-month period, increasing by 94.65% to N22.03 billion from N11.32 billion.The increase pushed investment income above fee and commission income, while net operating income rose by 47.82% to N55.58 billion from N37.60 billion.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Fee and commission income increased by 26.63% to N20.95 billion from N16.54 billion, while net trading income rose by 29.40% to N12.60 billion from N9.74 billion.<\/li>\n\n\n\n<li>Operating expenses increased by 27.80% to N23.51 billion from N18.40 billion, remaining below the growth recorded in net operating income.<\/li>\n\n\n\n<li>Impairment charges declined by approximately 61% to N366.97 million from N940.65 million, with all charges classified as Stage 1 and no Stage 2 or Stage 3 impairment charges.<\/li>\n\n\n\n<li>Operating profit before tax rose by 68.31% to N38.96 billion, while the N2.63 billion share of profit from associates contributed to the N41.58 billion pre-tax profit.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The company\u2019s estimated income tax charge stood at N6.75 billion, representing an effective tax rate of approximately 16%, while total comprehensive income declined by 8.54% to N101.34 billion due to lower fair-value gains on equity investments.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Q3 Pre-Tax Profit hits N16.80 billion:<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">United Capital maintained its earnings momentum in the third quarter of 2026, with pre-tax profit reaching approximately N16.80 billion.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The figure was derived by subtracting the company\u2019s first-half results from its nine-month performance, as the financial statements did not provide a standalone third-quarter income statement.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Nairametrics previously reported that United Capital recorded N24.78 billion in pre-tax profit during the first half of 2026, equivalent to an average of approximately N12.4 billion per quarter.<\/li>\n\n\n\n<li>Third-quarter profit after tax stood at approximately N13.73 billion, representing an increase of about 48% from N9.28 billion in the corresponding period of 2025.<\/li>\n\n\n\n<li>Gross earnings for the quarter reached approximately N24.98 billion, up roughly 40% from N17.78 billion a year earlier.<\/li>\n\n\n\n<li>The third-quarter pre-tax profit exceeded the average quarterly performance recorded during the first half, reflecting continued earnings growth during the period.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The improvement also came as United Capital maintained growth across investment income, fees and trading activities, supported by lower impairment charges.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Cash Holdings more than double:<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">United Capital\u2019s balance sheet showed a significant improvement in liquidity, with cash and cash equivalents increasing by 115.28% to N618.08 billion as of September 30, 2026.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Total assets rose modestly by 2.96% to N1.81 trillion from N1.76 trillion at the end of December 2025, while investment securities declined by 20.66% to N1.07 trillion.<\/li>\n\n\n\n<li>Total liabilities declined by 2.16% to N1.58 trillion from N1.61 trillion, while managed funds increased by 4.45% to N1.04 trillion.<\/li>\n\n\n\n<li>Shareholders\u2019 funds increased by 58.06% to N237.08 billion from N150 billion, supported by retained earnings of N73.62 billion and fair-value reserves of N153.55 billion.<\/li>\n\n\n\n<li>Regulatory capital rose to N556.76 billion from N522.01 billion, reflecting an improvement in the company\u2019s capital position.<\/li>\n\n\n\n<li>Borrowed funds declined by 14.03% to N320.08 billion, comprising N281.79 billion in bank and financial institution loans, a N26.61 billion overdraft and N11.67 billion in bonds.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The company reported no outstanding commercial paper and no default on principal or interest payments.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The movement from investment securities into cash indicates a more liquid asset mix, with the 66% growth in pre-tax profit significantly exceeding the modest increase in total assets.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>United Capital shares decline 11.5%:<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Despite the improvement in earnings, United Capital\u2019s share price declined by approximately 2.1% to N16.55 on Monday, October 26, 2026, from N16.90 at the previous trading session.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The decline represented a loss of 35 kobo per share following the release of the company\u2019s nine-month financial results.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>United Capital began 2026 at N18.70 per share but had declined by approximately 11.5% as of October 26, ranking 101st on the NGX in year-to-date performance.<\/li>\n\n\n\n<li>At N16.55 per share, the company\u2019s 18 billion outstanding shares represented a market capitalisation of approximately N298 billion.<\/li>\n\n\n\n<li>This compared with a market capitalisation of N334.8 billion on July 27, when the stock traded at N18.60 per share.<\/li>\n\n\n\n<li>The nine-month results highlight broad-based earnings growth, supported by stronger investment income, lower impairment charges and improved liquidity.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">However, with investment income now the company\u2019s largest earnings contributor, future profitability remains exposed to changes in interest rates and market conditions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sustaining earnings growth will therefore depend partly on the company\u2019s ability to maintain investment returns while controlling operating expenses and preserving its stronger balance-sheet position.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/nairametrics.com\/2026\/10\/27\/united-capitals-9m-2026-pre-tax-profit-rises-66-to-n41-58-billion-as-investment-income-nearly-doubles\/\">https:\/\/nairametrics.com\/2026\/10\/27\/united-capitals-9m-2026-pre-tax-profit-rises-66-to-n41-58-billion-as-investment-income-nearly-doubles\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>United Capital Plc recorded a 66.24% increase in pre-tax profit to N41.58 billion for the nine months ended September 2026, compared with N25.01 billion in the corresponding period of 2025, driven largely by a surge in investment income. This is according to the company\u2019s unaudited consolidated financial statements filed with the Nigerian Exchange (NGX) on&#8230; <\/p>\n<div class=\"clear\"><\/div>\n<p><a href=\"https:\/\/ograsset.com\/index.php\/2026\/10\/27\/united-capitals-9m-2026-pre-tax-profit-rises-66-to-n41-58-billion-as-investment-income-nearly-doubles\/\" class=\"excerpt-read-more\">Read More \u2192<\/a><\/p>\n","protected":false},"author":2,"featured_media":11067,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-11066","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fit-row"],"jetpack_featured_media_url":"https:\/\/ograsset.com\/wp-content\/uploads\/2026\/10\/image-59.png","_links":{"self":[{"href":"https:\/\/ograsset.com\/index.php\/wp-json\/wp\/v2\/posts\/11066","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ograsset.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ograsset.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ograsset.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ograsset.com\/index.php\/wp-json\/wp\/v2\/comments?post=11066"}],"version-history":[{"count":2,"href":"https:\/\/ograsset.com\/index.php\/wp-json\/wp\/v2\/posts\/11066\/revisions"}],"predecessor-version":[{"id":11069,"href":"https:\/\/ograsset.com\/index.php\/wp-json\/wp\/v2\/posts\/11066\/revisions\/11069"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ograsset.com\/index.php\/wp-json\/wp\/v2\/media\/11067"}],"wp:attachment":[{"href":"https:\/\/ograsset.com\/index.php\/wp-json\/wp\/v2\/media?parent=11066"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ograsset.com\/index.php\/wp-json\/wp\/v2\/categories?post=11066"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ograsset.com\/index.php\/wp-json\/wp\/v2\/tags?post=11066"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}