United Capital Plc, has delivered a high-performance start to 2026, reporting a 66.21% spike in Profit After Tax (PAT), which was boosted by a massive 719% surge in net gains from its equity instruments.
The results highlight a successful pivot toward fee-based income and strategic equity positioning, allowing the firm to maintain its “generational wealth” mission despite a dip in traditional net investment income.
Q1 2026 Financial Scorecard: The Equity Momentum
The standout feature of this quarter was the “Fair Value Through Profit or Loss” (FVTPL) line, which acted as a primary growth engine for the group.
| Metric | Q1 2025 | Q1 2026 | % Change |
| Total Revenue | ₦13.09 Billion | ₦17.16 Billion | +31.0% |
| Net Gain on Financial Assets | ₦435 Million | ₦3.56 Billion | +719.0% |
| Fees and Commission Income | ₦4.46 Billion | ₦7.69 Billion | +72.4% |
| Profit After Tax (PAT) | ₦5.89 Billion | ₦9.79 Billion | +66.2% |
| Profit Before Tax (PBT) | ₦6.72 Billion | ₦11.63 Billion | +72.8% |
Source: MoneyCentral, United Capital Financials
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The Equity Win: The 719% rise in net gains on equity instruments suggests that United Capital’s proprietary trading and asset management arms successfully identified “oversold” opportunities during the early 2026 market turbulence.
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Fee Momentum: A 72% jump in fee and commission income indicates strong performance in Investment Banking and Fund Management services, likely supporting the capital raises and structural shifts of corporates in the quarter.
Operational Efficiency: Tightening the Belt
In a rare feat for the sector this quarter, United Capital kept its total expense growth nearly flat, despite a significant ramp-up in personnel investment.
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Margin Discipline: Total expenses rose only 1.64% to ₦7.1 billion. This was achieved by slashing “Other Operating Expenses” (₦4.37bn vs ₦5.05bn in 2025), which offset a ₦404 million increase in personnel costs.
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Credit Quality: Impairment charges for credit losses dropped to ₦194.7 million (from ₦311.5m), signaling a healthy and well-managed loan and margin-lending book.
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Associate Contribution: The share of profit from associates jumped to ₦1.57 billion, providing a diversified cushion to the core operating income.
The “Income Play”: Dividend Yield and Growth
United Capital remains one of the most attractive “Total Return” stocks on the NGX, combining aggressive profit growth with a reliable cash payout.
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Dividend Yield: At 5.17%, the company provides a steady cash flow that is particularly attractive to retirees and income-focused portfolios. This yield acts as a “buffer” against market volatility, allowing for compounded returns through reinvestment.
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Sustainable Development: Management reiterated its focus on “generational wealth creation.”
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