KEY POINTS
- Revenue grew 35 percent year-on-year to N58.55 billion in full-year 2025.
- Net trading income surged 176 percent, while fee and commission income rose 59 percent.
- Shareholders received N18 billion in dividends, up 25 percent from 2024.
United Capital Plc wrapped up 2025 with its strongest annual performance to date, growing revenue 35 percent year-on-year to N58.55 billion and sending a clear signal that Nigeria’s most closely watched investment banking group is still accelerating.
The audited results, filed Monday with the Nigerian Exchange Limited, show net trading income nearly tripling, surging 176 percent year-on-year. Fee and commission income also climbed 59 percent. Together, those two lines drove the bulk of the group’s top-line expansion and demonstrated that growth is broad-based, not concentrated in one lucky corner of the business.
Profit before tax rose 37 percent to N41.18 billion. Profit after tax came in at N28.15 billion, a 17 percent increase, while total comprehensive income reached N30.97 billion for the year.
Shareholders Got Paid
Beyond the income statement, United Capital’s board approved a final cash dividend of 70 kobo per ordinary share, pushing the total 2025 payout to N1.00 per share. In aggregate, shareholders collected N18 billion in dividends, up 25 percent from the N14.4 billion distributed in 2024. That kind of return, especially against the backdrop of Nigeria’s 2025 inflation and currency pressures, tends to keep long-term investors loyal.
Group CEO Peter Ashade attributed the performance to deliberate execution rather than favorable conditions. “Growth in core business operations, a resilient business model and strong execution of our strategic initiatives drove this remarkable business performance,” he said, adding that the group enters 2026 with a robust risk management framework and the scale to pursue opportunities with confidence.
A Year That Tested Everyone
According to Billionaires Africa, throughout 2025, Nigerian businesses navigated punishing headwinds, including persistent inflation, naira volatility and shifting monetary policy from the Central Bank. Several financial services firms struggled to maintain margins under those conditions. United Capital, by contrast, more than held its ground.
Board Chairman Uche Ike credited the result to the organization’s culture as much as its strategy. “This level of excellence continues to set United Capital apart as a leader in the investment banking and financial services industry,” he said.
Since H1 2020, United Capital’s profitability has climbed more than 522 percent, a five-year run that makes the 2025 numbers feel less like an outlier and more like a continuation of something deliberately built.
