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Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (17 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review

United Capital

UCAP · Nigerian Exchange · Consolidated statements

On this page
Company details
Legal name
United Capital Plc
Listing
UCAP on the Nigerian Exchange, active · ISIN NGUCAP000004 (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 December

Overview

Year ended 31 December 2025 · audited financial statements, signed / final · source

  • Revenue

    NGN 58.5 billion

    58,547,620 NGN thousands · p22

    +34.8% vs 2024

  • Operating profit / (loss)

    NGN 39.3 billion

    39,313,199 NGN thousands · p22

    +43.1% vs 2024

  • Profit / (loss) for the year

    NGN 28.1 billion

    28,146,560 NGN thousands · p22

    +16.8% vs 2024

  • Total assets

    NGN 1.76 trillion

    1,761,337,130 NGN thousands · p23

    +3.5% vs 2024

  • Total equity

    NGN 150 billion

    149,996,944 NGN thousands · p23

    +12.4% vs 2024

  • Cash from operations

    NGN 207 billion

    207,212,131 NGN thousands · p25

    −55.2% vs 2024

Large amounts are rounded for reading (NGN million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in NGN thousands unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY2025 — audited financial statements, signed / final; reported for the year · source
  • FY2024 — audited financial statements, signed / final; comparative in the FY2025 filing · source

Income statement

Income statement, NGN thousands. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Gross earnings1 58,547,620 43,431,097
Net investment income2 12,621,526 15,557,934
Fee and commission income 23,251,664 14,587,929
Net trading income 17,661,007 6,410,486
Net operating income3 53,534,197 36,556,349
Other (loss)/ income4 (11,428,734) 5,864,481
Dividend income from subsidiaries5 –6 –6
Net gain on financial assets at fair value through profit or loss 16,442,157 1,010,267
Total revenue7 58,547,620 43,431,097
Personnel expenses (5,697,753) (5,349,938)
Other operating expenses (20,373,754) (10,833,403)
Depreciation of property and equipment (552,756) (363,743)
Amortisation of intangible & right of use assets8 (379,708) (301,166)
Impairment write-back/(charge) for credit losses 7,769,550 892,990
Total expenses9 (19,234,421) (15,955,260)
Operating profit before income tax 39,313,199 27,475,837
Share of accumulated profit of Associates 1,869,495 2,627,006
Profit before income tax 41,182,694 30,102,843
Income tax expense (13,036,134) (6,000,000)
Profit for the year 28,146,560 24,102,843
Fair value gain on investments in equity instruments measured at FVTOCI (net of tax)10 2,391,809 34,808,351
Actuarial gains on defined benefits (net of taxes)11 (28,955) 103,976
Fair value gain on investments in debt instruments measured at FVTOCI (net of tax)12 461,004 459,735
Other comprehensive income for the year, net of taxes 2,823,858 35,372,062
Total comprehensive income for the year 30,970,418 59,474,905
  1. Printed “-”, read as nil: subtotal_arithmetic: is.revenue.
Notes and alternative reported figures (11)
  1. “Gross earnings” is an issuer-specific line, not mapped to a shared definition: Printed headline line; equal to total revenue as printed.
  2. “Net investment income” is an issuer-specific line, not mapped to a shared definition: Note 4: interest and dividend income net of interest expense.
  3. “Net operating income” is an issuer-specific line, not mapped to a shared definition: Printed subtotal: net investment, fee and commission and trading income.
  4. “Other (loss)/ income” is an issuer-specific line, not mapped to a shared definition: Note 7: includes foreign exchange revaluation.
  5. “Dividend income from subsidiaries” is an issuer-specific line, not mapped to a shared definition: Note 19; nil in the Group columns.
  6. “Total revenue”: mapping to a shared definition is uncertain. Total revenue of an investment banking group: net operating income plus other (loss)/income and fair value gains; equals the printed gross earnings.
  7. “Amortisation of intangible & right of use assets”: mapping to a shared definition is uncertain. Amortisation of intangible assets and depreciation of right-of-use assets on one line.
  8. “Total expenses” is an issuer-specific line, not mapped to a shared definition: Printed subtotal of the expense lines, including the impairment write-back.
  9. “Fair value gain on investments in equity instruments measured at FVTOCI (net of tax)” is an issuer-specific line, not mapped to a shared definition: OCI, not reclassified (note 35.1).
  10. “Actuarial gains on defined benefits (net of taxes)” is an issuer-specific line, not mapped to a shared definition: OCI, not reclassified (note 36).
  11. “Fair value gain on investments in debt instruments measured at FVTOCI (net of tax)” is an issuer-specific line, not mapped to a shared definition: OCI, may be reclassified (note 35.2).

Balance sheet

Balance sheet, NGN thousands. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Cash and cash equivalents 287,100,799 337,013,523
Investment securities 1,343,682,316 1,133,596,685
Loans and advances 68,775,968 59,021,818
Trade and other receivables 48,507,565 161,248,657
Dividend receivable from subsidiaries1 –2 –2
Right of use assets 290,574 405,416
Intangible assets 812,550 955,490
Investments in subsidiaries3 –2 –2
Investments in associates 9,802,289 7,932,794
Property and equipment 2,365,069 1,529,253
TOTAL ASSETS 1,761,337,130 1,701,703,636
Managed funds4 993,640,397 846,600,428
Borrowed funds 372,302,220 406,060,830
Other liabilities 217,493,996 296,069,385
Defined benefit obligations5 658,458 393,999
Current tax liabilities 12,413,406 7,011,324
Deferred tax liabilities 14,831,709 12,064,404
TOTAL LIABILITIES 1,611,340,186 1,568,200,370
Share capital 9,000,000 9,000,000
Share premium 515,241 515,241
Retained earnings 53,188,832 39,731,566
Regulatory risk reserve 75,759 5,663
Statutory reserve6 145,298 –7
Fair value reserves 86,999,633 84,146,820
Foreign Currency Translation Reserve8 (2,840) –7
Defined benefit plan reserve9 75,021 103,976
TOTAL SHAREHOLDERS FUND 149,996,944 133,503,266
TOTAL LIABILITIES AND SHAREHOLDERS FUND 1,761,337,130 1,701,703,636
  1. Printed “-”, read as nil: subtotal_arithmetic: bs.total_assets.
  2. Printed “-”, read as nil: subtotal_arithmetic: bs.total_equity.
Notes and alternative reported figures (7)
  1. “Dividend receivable from subsidiaries” is an issuer-specific line, not mapped to a shared definition: Note 19; nil in the Group columns.
  2. “Investments in subsidiaries” is an issuer-specific line, not mapped to a shared definition: Note 22; nil in the Group columns.
  3. “Managed funds” is an issuer-specific line, not mapped to a shared definition: Note 26: funds under management carried as liabilities.
  4. “Defined benefit obligations” is an issuer-specific line, not mapped to a shared definition: Note 29.
  5. “Statutory reserve” is an issuer-specific line, not mapped to a shared definition: Note 35.
  6. “Foreign Currency Translation Reserve” is an issuer-specific line, not mapped to a shared definition: Equity reserve; comparative printed as a dash.
  7. “Defined benefit plan reserve” is an issuer-specific line, not mapped to a shared definition: Note 36.

Cash flow

Cash flow, NGN thousands. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Operating cash flow before working-capital changes (unlabelled subtotal)1 17,081,127 8,744,359
Trade receivables2 112,214,033 (76,117,184)
Managed funds3 147,039,968 246,494,211
Other liabilities4 (78,575,390) 268,286,439
Current service cost5 630,226 28,232
Cash generated from/(used in) operations 198,389,966 447,436,057
Interest received 193,467,451 159,644,679
Interest paid6 (180,845,925) (144,086,745)
Income tax paid (3,799,360) (773,972)
Net cash generated by/(used in) operating activities 207,212,131 462,220,019
Purchase of investment securities7 (282,971,115) (467,871,353)
Disposal of investment securities8 84,984,951 75,722,938
Purchase of property and equipment (1,679,409) (772,320)
Purchase of right of use assets9 (24,257) (467,171)
Purchase of intangible assets (97,668) (911,594)
Investment in subsidiary10 –11 –11
Proceeds from the sale of property and equipment 293,116 220,271
Dividends received12 4,517,016 1,631,751
Net cash used in investing activities (194,977,364) (392,447,478)
Dividend paid to owners of equity capital (14,400,000) (16,200,000)
Proceeds from borrowings –13 198,466,854
Repayment of borrowings (23,165,959) (68,534,257)
Net cash (used)/generated from financing activities (37,565,959) 113,732,597
Net (decrease)/increase/ in cash and cash equivalents (25,331,192) 183,505,138
Effect of foreign exchange changes on cash and cash equivalent 3,745,463 (19,223,536)
Cash and cash equivalents at beginning of year 308,681,755 144,400,152
Cash and cash equivalents at end of year 287,096,025 308,681,755
  1. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
  2. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
Notes and alternative reported figures (11)
  1. “Operating cash flow before working-capital changes (unlabelled subtotal)” is an issuer-specific line, not mapped to a shared definition: Printed unlabelled subtotal: profit before tax plus the adjustments.
  2. “Trade receivables” is an issuer-specific line, not mapped to a shared definition: Working-capital change (note 18).
  3. “Managed funds” is an issuer-specific line, not mapped to a shared definition: Working-capital change (note 26).
  4. “Other liabilities” is an issuer-specific line, not mapped to a shared definition: Working-capital change (note 28).
  5. “Current service cost” is an issuer-specific line, not mapped to a shared definition: Working-capital section.
  6. “Interest paid” is an issuer-specific line, not mapped to a shared definition: Operating activities (note 4).
  7. “Purchase of investment securities” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  8. “Disposal of investment securities” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  9. “Purchase of right of use assets” is an issuer-specific line, not mapped to a shared definition: Investing activities (note 20).
  10. “Investment in subsidiary” is an issuer-specific line, not mapped to a shared definition: Investing activities; nil in the Group columns.
  11. “Dividends received” is an issuer-specific line, not mapped to a shared definition: Investing activities (notes 4 & 18).

Per share and shares

Per share and shares. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Earnings / (loss) per share (per share)3 1.561 1.342
Profit / (loss) attributable to shareholders (NGN thousands)4 28,146,560 24,102,843
  1. Printed as 156 kobo; value converted to NGN at 100 kobo = 1 NGN.
  2. Printed as 134 kobo; value converted to NGN at 100 kobo = 1 NGN.
Notes and alternative reported figures (2)
  1. Earnings / (loss) per share: printed as “Earnings per share-basic (kobo)”.
  2. Profit / (loss) attributable to shareholders: printed as “Equity holders of the Company”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

Dividend events, the issuer's wording, and amounts as printed
Year endedEventWording as printedAmountUnitSource
31 Dec 2025 Dividends paid (cash flow statement) Dividend paid to owners of equity capital (14,400,000) NGN thousands Audited financial statements, p25
31 Dec 2024 Dividends paid (cash flow statement) Dividend paid to owners of equity capital (16,200,000) NGN thousands Audited financial statements, p25

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • United Capital Plc Audited Consolidated and Separate Financial Statements for the year ended 31 December 2025

    Year ended 31 December 2025 · Audited financial statements · signed / final

    Audit: PricewaterhouseCoopers, unmodified opinion · signed

    Auditor's sign-off: Tolulope Adeleke (engagement partner), FRC/2014/PRO/ICAN/004/00000008319, for PricewaterhouseCoopers

    Final status: Independent auditor's report to the members of United Capital Plc (opinion PDF p18) signed (handwritten) for PricewaterhouseCoopers, Lagos (engagement partner Tolulope Adeleke, FRC/2014/PRO/ICAN/004/00000008319), dated 1 March 2026, with the ICAN seal (PDF p21, page image). Statements approved by the board on 26th February 2026 and signed (handwritten) by the chairman, the group CEO and the group CFO (PDF p23, page image).

    Document date
    1 Mar 2026
    Auditor's report
    1 Mar 2026
    Board approval
    26 Feb 2026
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2025, FY2024
    Basis
    consolidated statements · NGN thousands (printed “=N=' 000”)
    • Cash-flow adjustment for fair value changes on FVTPL instruments (15,213,643) differs from the income-statement net gain (16,442,157, p22); the adjustments are not transcribed. Operating subtotals differ from the sum of their printed lines by 1-2 thousand (rounding).
    • Cash-flow statement (p25): cash and cash equivalents at the end of 2024 and beginning of 2025 (308,681,755, note 15b) differ from the 2024 statement of financial position (337,013,523, p23), and the end of 2025 (287,096,025) differs from the 2025 statement of financial position (287,100,799). Kept as printed.
    • 'Gross earnings' and 'Total revenue' print the same amount (58,547,620; 2024: 43,431,097, p22); 'Total revenue' is recorded as revenue and gross earnings as an issuer-native line.
    • The statement of financial position is unclassified (no current/non-current subtotals) (p23).
    • Earnings per share is printed in kobo, basic and diluted identical (156; 2024: 134, p22); stored in naira (÷100) with the printed figure and unit kept. No non-controlling interest is printed.
    Technical details
    File
    71 pages, with a text layer
    SHA-256
    2e8eb640a0f89f3e455fd225b81a4a486fa896a648eb1391ed5eee6576cb559b
    Entity as printed
    United Capital Plc ("the company") and its subsidiaries (together "the group")
    Exchange copy
    retrieved 2026-10-08T18:03:03Z

Data notes

No figure-level notes beyond those in the tables.

Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (17 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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Figures shown on this page (CSV) — the same selected figures at their exact printed values, each with its source document, SHA-256, page, selection rule and reading. Independent review of these figures is pending.

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