Nigeria, April 30 -- United Capital Plc's net profit for the three months to March increased 64.3 per cent compared to the figure reported a year earlier, with higher income from its asset management business driving the surge.

Investment income, largely comprised of the earnings from the funds managed by that subsidiary, advanced nearly six times to N6.4 billion, contributing more to turnover than other revenue streams.

Gross earnings rose 113.5 per cent to N13.1 billion, according to the company's latest earnings report.

United Capital was the investment banking unit of UBA until it was carved out into a separate entity in 2014 after the Central Bank of Nigeria ordered the abolition of universal banking.

The group operates subsidiar...