United Capital Plc has announced that its assets under management (AUM) have surpassed N2.3 trillion, underscoring the group’s transformation into one of Africa’s leading integrated financial services institutions, as it posted a strong financial performance for the first half of 2026 and expressed confidence in delivering an even stronger second-half performance.
Speaking during the company’s inaugural Investor Relations Roundtable themed, “Decoding Performance: Insights into United Capital Growth Drivers and Outlook,” Group Chief Executive Officer, Mr Peter Ashade, said the milestone reflected the successful execution of the group’s long-term growth strategy and its deliberate expansion across business segments and African markets.
Ashade explained that United Capital had evolved significantly from what it was eight years ago, moving from a traditional capital market operator with four business lines into a diversified financial services group operating seven businesses alongside two strategic associates across 12 African countries.
According to him, the group’s businesses now span investment banking, asset management, trusteeship, securities trading, wealth management, digital banking through its microfinance bank, consumer finance, while also maintaining strategic investments in insurance and the Nigerian Exchange Group (NGX Group).
He noted that when management set an ambitious target in 2018 to grow assets under management from less than N100 billion to N1 trillion by 2027, many considered the objective highly ambitious.
“We exceeded that target five years ahead of schedule by crossing N1 trillion in 2022. Today, we manage over N2.3 trillion in assets,” Ashade said.
He attributed the growth to disciplined execution, customer-focused innovation and diversification of earnings, stressing that the company deliberately develops financial solutions rather than merely introducing products.
“Our philosophy has always been to solve customers’ problems. Every investment, every expansion and every new business is carefully designed to create sustainable long-term value,” he said.
Ashade also highlighted the company’s Pan-African expansion strategy, noting that United Capital has established operations across 12 African countries within about two years of commencing implementation.
He disclosed that the company became the first African financial services institution to obtain operating licences in both Rwanda and Ethiopia, describing the development as a significant milestone in the group’s ambition to integrate African financial markets.
According to him, the company’s diversified business model has strengthened earnings resilience by ensuring multiple income streams capable of performing under different market conditions.
“Our earnings are no longer dependent on a single market segment. Whether capital markets perform strongly or interest rates become favourable, we have businesses positioned to generate sustainable earnings,” he added.
Reflecting on the company’s transformation over the last eight years, Ashade said shareholder wealth has appreciated by more than 2,500 per cent, while governance, technology, leadership development and institutional capacity have all been significantly strengthened.
He also reaffirmed management’s confidence in the company’s future prospects, revealing that several strategic initiatives and new product launches would begin from August and continue throughout the remainder of the year.
“We are presenting a new United Capital. Our best years are still ahead of us, and we remain optimistic about the opportunities before us,” he stated.
Presenting the group’s financial performance, the Group Chief Financial Officer said United Capital recorded gross earnings of N37.49 billion in the first half of 2026, representing a 58 per cent year-on-year increase, while profit before tax rose by 80 per cent, reflecting stronger operating efficiency and disciplined execution.
He explained that although management was pleased with the financial performance, the company remains focused on continuous improvement.
“We always ask ourselves two questions: Are we doing well? The answer is yes. Are we satisfied? The answer is almost always no because we believe there is still room for greater performance,” he said.
According to him, the strong earnings growth reflects the successful execution of the group’s strategic priorities built around execution, excellence and enterprise.
He noted that revenue quality also improved considerably, with fee and commission income increasing from N11.3 billion to N14.3 billion, while investment income rose from N9.6 billion to N13.8 billion, providing sustainable recurring earnings across the group’s businesses.
The CFO said United Capital’s investments in digital technology are beginning to yield measurable returns, contributing to improved operating efficiency.
He disclosed that the group’s cost-to-income ratio improved from 50 per cent in the first half of 2025 to 44 per cent in the first half of 2026, although management continues to pursue its internal target of 40 per cent.
On balance sheet management, he explained that the company deliberately exited underperforming assets funded with relatively expensive borrowings to improve overall returns and strengthen balance sheet quality.
As a result, total assets moderated from N1.76 trillion at the end of 2025 to about N1.6 trillion, while return on assets improved significantly.
The CFO added that liquidity also strengthened during the period as cash and cash equivalents increased from 16 per cent to 24 per cent of total assets, giving the group greater flexibility to pursue emerging investment opportunities.
He noted that more than 95 per cent of the company’s balance sheet remains income-generating, while borrowings declined from 23 per cent to 13 per cent of total funding.
At the same time, managed funds increased from 62 per cent to 71 per cent of total funding, reinforcing the group’s strategy of relying more on stable and efficient funding sources.
Profitability indicators also improved significantly, with return on assets increasing from 1.37 per cent to 2.48 per cent, while earnings per share rose from N1.32 to N2.34.
Although the company maintained its interim dividend at 30 kobo per share, despite stronger earnings, the CFO explained that management deliberately retained additional capital to support expansion and future growth initiatives.
“Our capital allocation strategy is intentional. We are investing for the future because we believe this will create greater long-term value for shareholders,” he said.
He added that total dividend payout increased from N10.6 billion in 2024 to N16.2 billion in 2025, expressing confidence that shareholders would continue to benefit from the group’s long-term growth strategy.
Reviewing the company’s five-year performance, the CFO said gross earnings have grown from about N18 billion in 2021 to N59 billion in 2025, while profit before tax increased from N12 billion to N41 billion and profit after tax rose from N11 billion to N28 billion.
He added that investment securities expanded from N364 billion in 2021 to over N1.3 trillion, managed funds climbed from about N327 billion to nearly N1 trillion, while shareholders’ funds increased from N31 billion to over N150 billion.
He reiterated that United Capital’s expansion across Africa is not merely about geographical presence but about building profitable businesses capable of delivering sustainable value across the continent.
Both executives assured investors, analysts and shareholders that the group remains well-positioned to sustain its growth momentum during the second half of 2026 through disciplined execution, continued innovation, strategic expansion and prudent capital management.
