Shareholders of United Capital Plc have earned return of 5,713 per cent over a five-year period as the pan-African investment bank and financial services group sustained impressive growths across all businesses.
Performance analysis between 2020 and 2025 indicated that cumulative return of shareholders of United Capital stood at 5,713 per cent as at the close of the stock market on August 04, 2025.
This implies that an initial investment of N1 million in 2020 has grown to N58.13 million by August 04, 2025, outperforming a dollar investment of 10 per cent over the same period.
The return underscores the fact that a long-term investment in the shares of a great company is rewarding.
The shareholders’ return was driven by sustained growth in the company’s operations. A five-year fundamental analysis showed that since first half 2020, United Capital’s profitability has surged by over 522 per cent, rising from N1.91billion in first half 2020 to N11.89 billion in first half 2025.
Also, revenue has also grown significantly from N4.45 billion in first half 2020 to N23.76 billion in first half 2025.
Key extracts of the six-month report for the half year ended June 30, 2025 released at the Nigerian Exchange (NGX) showed that United Capital ended the first half 2025 with gross earnings of N23.76 billion, compared to N15.15 billion posted in the corresponding period of 2024, showing a growth of 57 per cent.
The top-line growth was majorly driven by uptick in fee and commission income, which rose by 80 per cent; investment income, which grew by 104 per cent and net gain on financial assets at fair value through profit or loss, which quadrupled by 398 per cent.
Net operating income jumped by 67 per cent to N21.32 billion in 2025, from N12.76 billion in first half 2024. Profit before tax rose by 52 per cent from N9.09 billion to N13.79 billion. After taxes, net profit grew by 54 per cent from N7.74 billion to print at N11.89 billion in 2025.
Shareholders’ funds improved to N166.91 billion, compared to N133.50 billion as at December 31, while total assets stood at N1.59 trillion, compared to N1.70 trillion as at December 31, 2024. The shareholders’ funds grew by 25 per cent driven by seven per cent growth in retained earnings and 36 per cent increase in the fair value reserve during the period.
In line with its promise to continually delight its shareholders, the company has announced the payment of interim dividend of N5.4 billion, representing 30 kobo for every 50 kobo ordinary share subject to withholding tax.
During the Group’s Investor Call in Lagos, Mr. Peter Ashade, Group Chief Executive Officer of United Capital Plc said The performance demonstrates United Capital’s resilience and ability to deliver value year after year, despite shifting economic conditions.
According to him, United Capital has once again demonstrated its market leadership with the release of its unaudited financial results for H1-2025, showing remarkable growth across key financial indicators.
He said: “We are pleased to report that we ended the first half of the year on a strong and positive note. Once again, we have continued our track record of excellence and strong financial performance, which reflects the strength of our diversified business model. Last year, we made history by declaring our first-ever interim dividend, alongside a 2-for-1 bonus issue, which was met with great enthusiasm by our shareholders. This year, we continue to honour our commitment by declaring another interim dividend of N5.4 billion, reinforcing our dedication to delivering sustainable returns and enhancing shareholder value.”
Looking ahead, United Capital remains focused on driving retail expansion and deepening its presence across the African continent. Following its recent expansion into Francophone West Africa, the Group continues to execute its Pan-African strategy with precision. With a strong foundation and a clear strategic direction, the Group is well-positioned to finish the year even stronger and continue delivering value to shareholders, clients, and communities across Africa.
The half-year 2025 performance strengthened the earnings outlook of United Capital, which had distributed N14.4 billion as dividends to shareholders for the 2024 business year.
Audited report and accounts of United Capital for the year ended December 31, 2024 had shown that net profit rose by 111.03 per cent from N11.42 billion in 2023 to N24.10 billion in 2024. Gross earnings had grown by 82.50 per cent due to income from loans, dividend income from securities investments, interest from placements and bonds, showcasing active trading strategy of the company.
Further analysis had shown that fee and commission income increased by 80.18 per cent, riding on the back of enhanced financial advisory fees and other fees and commissions, which confirmed the group’s industry leadership.
Net trading income also rose by 61.17 per cent due to gains from sale of financial instruments while net gain on financial assets at fair value through profit and loss grew by 18.77 per cent, underlining the company’s commitment to growing its assets.
With significant improvement in the bottom-line, United Capital, which had paid interim dividend of 90 kobo and a scrip dividend of two-for-one shares for half year 2024, completed the year with a final dividend of 50 kobo per share, totaling gross cash dividends of N14.4 billion or a dividend per share of N2.40.
The bonus issuance, which was regarded as a strategic move to increase shareholder participation, increased the company’s outstanding shares from 6.0 billion to 18 billion, adding 12 billion new shares. This implied that for each existing share, shareholders received two additional shares, bringing their total holdings to three shares for every initial share owned.
Ashade said the company has demonstrated strong dividend growth over the years, citing the 44 per cent increase in gross payouts from N10 billion in 2023 to N14.4 billion as a further confirmation of the company’s commitment to shareholders’ value.
He pointed out that United Capital’s dividend payouts have significantly jumped by 860 per cent over the past 10 years from 25 Kobo in 2014 to N2.40 by 2024.
He attributed the company’s performance to improved efficiency in cost management with total expenses dropping by 45.51 per cent while total expenses -to-gross earnings declined significantly by 63.26 per cent in 2024 compared to 36.20 per cent drop in 2023.
United Capital had in June 2025 further expanded its operations with the launch of its West African subsidiary, United Capital Asset Management West Africa Limited (UCAMWAL). The launching was marked with the unveiling of two CFA franc-denominated mutual funds.
The two funds-UCAMWAL Bond Fund and the UCAMWAL Diversified Fund were for customers across the eight member countries under the West African Economic and Monetary Union (WAEMU), including Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo.
Speaking at the product launch in Abidjan, Côte d’Ivoire, Ashade said the launch marked a significant step in the group’s strategic pan-African expansion, while signaling a beginning of the operations of the newly launched subsidiary.
According to him, the new mutual funds, denominated in CFA francs, represent a significant milestone in UCAMWAL’s mission to deliver sophisticated yet accessible wealth management solutions to investors throughout Francophone West Africa.
He explained that the products have been carefully designed to meet the diverse needs of both individual and institutional investors, offering tailored support to long-term wealth creation while addressing varying risk appetites.
“This product launch signals the kick-off of the expansion of our pan-African footprint, starting with the WAEMU region. As a group, our mission is to shape a more financially inclusive and economically resilient Africa, for Africa by Africans. We are here to make a difference, and we are bringing our proven support cross-border investment, and support Africa-driven prosperity. This is the beginning of a legacy, for wealth creation, financial empowerment, and a new chapter in Africa’s story of innovation, and enduring success,” Ashade said.
Director, Africa Operations, United Capital Plc, Mr. Ejikeme Okoli, explained that UCAMWAL Bond Fund is a low-risk, open-ended fund that focuses on fixed income and money market instruments, making it ideal for steady capital preservation and long-term wealth building.
He noted that the fund is particularly suited for conservative investors who prioritize capital preservation while seeking steady, consistent returns.
He added that the UCAMWAL Diversified Fund provides investors with a balanced risk approach through strategic allocation across multiple asset classes by investing across fixed income assets, money market instruments, and equities.
He said the diversified fund was targeted at investors seeking a balance of capital appreciation and income diversification over the long term.
“Our expansion into WAEMU is about more than presence, it’s about impact. We’re building a truly Pan-African financial institution that partners with local economies to unlock long-term prosperity.
“Our strategy is not exploitative but collaborative and will harness local insights to create shared value. We aim to deliver tailored financial solutions, manage risk effectively, and drive inclusive growth across the region. I invite investors to join us on this journey of growth and empowerment, as we stay true to our promise of driving progress, delivering value, and powering economic improvement across Africa,” Ejikeme said.
Managing Director, United Capital Asset Management West Africa Limited (UCAMWAL), Labas Bamba, noted that the launch of the funds came at a critical time for the WAEMU region, as governments and the private sector increasingly seek innovative solutions to mobilize domestic savings and channel them into productive investments.
According to him, UCAMWAL’s entry into this market is expected to contribute significantly to the development of the region’s capital markets while providing investors with professionally managed alternatives to traditional savings instruments.
He said: “Today marks a pivotal step in our mission to reshape asset and wealth management in Francophone West Africa. These funds are tailored to meet the distinct needs of our investors, blending global standards with local market insight. We recognize that every investor’s journey is unique, which is why our solutions are built to support diverse goals across different life and business stages.
“Backed by a strong track record and trusted legacy of United Capital Plc, which manages nearly N2 trillion in assets and more than $500 million in mutual funds in Nigeria, UCAMWAL is positioned to become a leading investment partner for individuals, institutions, and governments across the WAEMU region”.
He explained that UCAMWAL would provide asset management services, including portfolio management, mutual funds, and financial advisory noting that the newly launched mutual funds – UCAMWAL Diversified Fund and UCAMWAL Bond Fund were approved by Financial Markets Authority of the West African Economic & Monetary Union (AMF-UMOA).
UCAMWAL, first fully operational subsidiary of United Capital in Francophone West Africa, headquartered in Abidjan, Côte d’Ivoire. The company is licensed to operate as a portfolio management company within the WAEMU region. UCAMWAL is licensed by the Financial Markets Authority of the West African Economic & Monetary Union (AMF-UMOA), enabling operations across eight WAEMU member countries.
