H1 2026: United Capital posts N21bn profit as shareholders’ funds rise to N187bn

United Capital Plc has recorded an increase in profit in the first half of the year ended June 2026.

The Group Chief Finance Officer, Shedrack Onakpoma, who made this known via a statement issued on Wednesday, July 29, said the growth was driven by disciplined execution of United Capital’s growth strategy, improved operational efficiency and sustained investments in digital capabilities.

Onakpoma said the company recorded an 80 per cent growth in profit before tax in the first half of the year to N24.78 billion as against N13.79 recorded in the same period of 2025.

Onakpoma said the company’s gross earnings rose by 58 per cent to N37.49 billion, reflecting the resilience of its diversified business model and continued execution of its growth strategy.

According to him, profit after tax increased by 77 per cent to N21.10 billion, from N11.89 billion recorded in the corresponding period of 2025.

He added that shareholders’ funds grew by 25 per cent to N187.09 billion, compared with N149.99 billion as of December 31, 2025.

Onakpoma said the stronger growth in profit relative to revenue highlighted the United Capital’s operational efficiency and returns on its investments in digital infrastructure.

Onakpoma noted that the company’s cost-to-income ratio improved to 44 per cent, from 50 per cent in the corresponding period of 2025.

He attributed the performance to growth across its core businesses, with fee and commission income rising to N14.3 billion from N11.3 billion, while investment income increased to N13.8 billion from N9.6 billion.

The finance chief said the United Capital also strengthened its balance sheet by exiting underperforming assets and reducing high-cost borrowings, resulting in improved returns and greater financial resilience.

Onakpoma disclosed that cash and cash equivalents increased to 24 per cent of total assets, from 16 per cent at the end of 2025, enhancing liquidity and positioning the group to seize emerging investment opportunities.

Onakpoma said the interim dividend of 30 kobo per share reflected the company’s commitment to balancing shareholder returns with long-term growth.

He reaffirmed United Capital’s commitment to disciplined execution, prudent risk management and sustainable value creation across Nigeria and other African markets.

PFIPC probe: HoS admits lapses as Reps uncover fake documents

Speaking on the economic outlook, the Chief Economist of United Capital Plc, Ayodele Akinwunmi, said ongoing reforms by the Federal Government and the Central Bank of Nigeria (CBN) were strengthening macroeconomic fundamentals and creating attractive investment opportunities.

Akinwunmi said rising non-oil exports, increasing diaspora remittances and improved foreign exchange inflows were boosting investor confidence and supporting economic stability.

Looking ahead, Akinwunmi projected that interest rates would moderate in the second half of 2026, creating a more favourable environment for business expansion and lower borrowing costs.

He said United Capital expected the Nigerian stock market to deliver about 11.6 per cent growth in the second half of the year, driven by banking, building materials, consumer goods and oil and gas stocks.

He also projected that the naira would remain stable and could appreciate to about N1,360 per dollar by year-end, supported by stronger external reserves, reduced foreign exchange demand and increased capital inflows.